Economist warns of uncertainty posed by Absa's reasons for closing its R75.47 billion fund.Absa has not given clear reasons for closing its Money Market Fund in a letter to investors, which could lead to a bank run in which a large number of customers withdraw their deposits at the same time because they are worried about the bank’s solvency.
“When a bank does something that people do not understand, there is a risk that customers can take their money and run. Therefore it is critical for Absa to communicate immediately and clearly about their decision to close the fund,” he says.
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