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An
intensive investigation is underway into the Zambian banking sector in alleged
cartel practices in service delivery.
Competition
and Consumer Protection Commission Director for Consumer and Public Relations,
Brian Lingela has confirmed.
The
commercial banks are suspected of forming cartels to offer uniform interest
rates to the unsuspecting clientele.
Mr
Lingela has since disclosed that the investigations are advanced and a
comprehensive report is expected in the first quarter of 2012.
The probe
was launched before the commercial banks responded Bank of Zambia’s reduction
of the statutory reserve ratio for the banks from 8 to 5 per cent.
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