By Jabulani Khumalo
Reserve Bank Of Zimbabwe ( RBZ ) has suspended Metbank Limited from operating as an authorised dealer for allegedly breaching Exchange Control regulations relating to trading in foreign currency.
In a statement, RBZ Governor Dr John Mangudya said a full probe will be instituted into the dealings of the financial institution.
“The suspension of its authorised dealership license does not relieve metbank limited of any outstanding obligations it incurred or had at the time of suspension of the licence” said Dr Mangudya.
Metbank will not be permitted to deal in the buying and selling of foreign currency and processing international and domestic transactions until further notice.
The suspension comes at a time when RBZ is trying to tame the foreign currency parallel market which has been driving up inflation.