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South African central bank doubles guarantee for depositors at failed VBS Bank

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South African central bank doubles guarantee for depositors at failed VBS Bank

The South African Reserve Bank confirmed that it has secured a guarantee of up to 100,000 South African rand per VBS Mutual Bank retail depositor from the National Treasury.

With the agreement of Minister of Finance, the central bank has doubled the amount from the previously announced 50,000 rand per depositor in March, when the bank was placed into administration.

Details on the repayment of deposits to VBS customers, who include individuals, funeral schemes, burial societies and savings clubs, will be announced July 9.

As of July 5, US$1 was equivalent to 13.56 South African rand.