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Sh58bn deposits locked in Imperial Bank shutdown

Imperial Bank customers outside the Mombasa branch after reading a notice of its closure posted on the gate on October 13, 2015. PHOTO | KEVIN ODIT

The Central Bank of Kenya’s (CBK) decision to place Imperial Bank under statutory management effectively removed Sh58 billion from circulation, raising queries over its possible impact on liquidity in the money markets.

The bank, which is associated with the wealthy Popat family, Tuesday became the second to go into receivership since Patrick Njoroge took charge as CBK governor less than four months ago.
The action saw the immediate closure of Imperial’s branches countrywide and a freeze in all operations except servicing of debts.

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