Govt To Put Banks Under Tighter Surveillance To Restore Stability: Charamba

The government is crafting legislation meant to restore stability in the financial sector. The move will also come up with measures for tight bank surveillance as well as dealing with tax dodgers. In the past several weeks, prices of most goods and services rose sharply after the ministry of finance introduced a two per cent tax on financial transactions. The bond note lost value against the greenback and the government claims that there is a hidden hand causing the financial chaos. Presidential spokesperson George Charamba said

If we find that an account that had two cents yesterday suddenly has $40 million, the first thing we do is to provisionally impound that and we push the onus for you to explain the source of those funds.

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