The Association of Rural Banks says members have invested in government bonds and if they are not exempted from the Domestic Debt Exchange Programme, it could hit them hard.
It will mostly affect liquidity and solvency position especially when these banks are already reeling under the current precarious economic situation facing the country,” the letter stated.
All efforts to get the Securities and Exchange Commission (SEC) and other regulators to intervene to get the funds released to RCBs have so far not yielded any positive results,” it continued.