Sinking fund: CBN, Bankers Committee agree on 0.5% contribution
The Central Bank and the Bankers Committee have signed a memorandum of understanding for the contribution of 0.5 per cent of commercial banks earnings to the sinking fund.
The sinking fund which is a system by which organisations sets aside money over time to retire indebtedness is expected to yield a sound economic system for the country.
The Bankers Committee also backed the Central Bank’s decision over the withdrawal of fifty per cent of public sector funds from commercial banks saying the plan will guarantee liquidity in the system.
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