BoT Reaffirms Rights in FBME Case

23 August 2014

FBME Bank Limited’s home regulator, the Bank of Tanzania, has reaffirmed its rights in the supervision and regulation of FBME Bank, its operations, branches and subsidiaries. The Tanzanian Central Bank has appointed a Statutory Manager whose role includes the sanctioning and approving of all transactions and actions related to Bank.

The Statutory Manager has also reaffirmed his ruling that no instructions should be acted upon about FBME Bank without his consent.