‘Report suspicious deals during rebasing’

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THE Bank of Zambia (BoZ) has urged commercial banks to report any suspicious transactions that will occur during the rebasing period to avoid cases where some individuals will take advantage of the situation to clean up cash that has been hidden.BoZ rebasing project manager Morris Mulomba said any suspicious transaction should be reported to the central bank so that they are investigated.”If people want to take advantage of rebasing so that they can try to clean up their money which has been hidden for some time, as long as commercial banks are alert which is normally there because they don’t want to affect their reputation because of one client, that information will come out and appropriate measures will be taken,” he said.Mr Mulomba said this in Siavonga on Saturday during a discussion with commercial banks dubbed Kwacha Rebasing, Opportunities and Costs.He said Kwacha rebasing is a national exercise that must be given the importance it deserves.

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