East independent member of parliament Robert Sichinga on Feb 14, 2001 blamed Bank of Zambia' (BOZ) for the closure of Union Bank Zambia Limited, the Post of Zambia reported on Feb 15. Sichinga complained that the central bank had failed provide effective guidelines which could have prevented continued commercial banks' closures and the depositors losing money. "For as long as they will be no depositors' insurance, people will continue losing their money through such closures," Sichinga said,
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