Vusumuzi DubeJudith Phiri, Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has lifted the suspension of Metbank Limited’s authorised dealership licence with immediate effect.
This comes after the institution was in April banned from trading in foreign currency pending full investigations for breach of Exchange Control regulations relating to trading in foreign currency.
RBZ Governor Dr John Mangudya had said Metbank would not be permitted to deal in foreign currency that is buying and selling foreign currency and processing international and domestic foreign currency transactions until further notice.
In a statement today (Wednesday), the Governor said the suspension had been lifted with immediate effect.
“The RBZ wishes to advise the public that it has lifted the suspension of Metbank Limited’s authorised licence with immediate effect. The lifting of the suspension follows the conclusion of investigations relating to foreign exchange trading which culminated in the imposition of an administrative fine against Metbank Limited for breaching Exchange Control Regulations.”
RBZ’s Exchange Control Division implement and administer Exchange Control regulations under the powers conferred to the RBZ by the President under Section 2 of Exchange Control Act.
To this end, the division includes implementing exchange control policies and overseeing the administration of Exchange Control regulations.
“Collect foreign trade data, perform descriptive and prescriptive analytics, and communicate the resultant insights to stakeholders. Fight illicit financial flows and ensure that the country receives value for its exports. Prevent or redress any adverse balance of payments situation by channelling limited foreign exchange resources to the productive and critical sectors of the economy,” reads the statement.
Temba Dube