Failed bank depositors to gain unrestricted access to funds – Sarb
Around 97% of retail depositors will be paid in full, the central bank says
Customers of South Africa’s VBS Mutual Bank will soon have access to their funds, following months of uncertainty over the fate of the failed institution.
In a statement, the South African Reserve Bank (Sarb) informed consumers they would be able to access their deposits from July 13.
“Following discussions with National Treasury, [the] government has provided a guarantee to the Sarb to facilitate the repayment of all retail deposits up to R100,000 ($7,500) per retail depositor,” the regulator
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