August 2, 2018 / 9:35 AM / in 9 months

REFILE-Tanzania central bank takes over Bank M

(Refiles to say on Thursday in first paragraph)

NAIROBI, Aug 2 (Reuters) - Tanzania’s central bank said on Thursday it has taken over the management of mid-sized commercial lender Bank M as the lender has critical liquidity problems and is unable to meet its obligations.

“Continuation of the bank’s operations in the current liquidity conditions is detrimental to the interests of depositors and poses systemic risk to the stability of the financial system,” the Bank of Tanzania said in a statement. (Reporting by Omar Mohammed Editing by Duncan Miriri and Susan Fenton)

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