Staff Writer
The Reserve Bank of Zimbabwe has suspended Metbank from handling foreign currency transactions, on suspicion of impropriety with foreign currency transactions.
In a statement, RBZ Governor Dr John Mangudya said a full probe will be instituted into the dealings of the financial institution.
“The Reserve Bank of Zimbabwe wishes to advise the public that it has, with immediate effect, suspended Metbank Limited from operating as an authorized dealer pending full investigation for breach of the Exchange Control regulations relating to trading in foreign currency,” said Dr Mangudya.
Under the suspension, Metbank cannot sell, buy or process forex transactions until cleared.
“The suspension of its authorized dealership license does not relieve Metbank Limited of any outstanding obligations it incurred or had at the time of the suspension of the license,” said Dr Mangudya.
The suspension comes at a time when RBZ is trying to tame the foreign currency black market which has been driving up inflation.
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