Vusumuzi Dube
Judith Phiri, Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has banned Metbank from trading in foreign currency and suspended the bureau de change license of Rolink Finance which was also fined US$120,000.
In a statement on Wednesday, RBZ Governor Dr John Mangudya said Metbank has been suspended from operating as an authorised dealer.
“The RBZ (the Bank) wishes to advise the public that it has, with immediate effect, suspended Metbank Limited from operating as an authorised dealer pending full investigations for breach of Exchange Control regulations relating to trading in foreign currency,” said Dr Mangudya.
He said Metbank will 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.
“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 license.”
In terms of Rolink Finance (Private) Limited, Dr Mangudya said RBZ wishes to advise the public that it has, with immediate effect, suspended it from operating as a bureau de change.
“The suspension is a result of breach of the Exchange Control (Authorised Dealers with Limited Authority) Order, Statutory Instrument 104 of 2015 and Exchange Control Circular Number 2 of 2021 issued to Authorised Dealers with Limited Authority (ADLAs).”
Dr Mangudya said the suspension of it operating license does not relieve Rolink Finance of any outstanding obligations it incurred or had at the time of suspension of the license.
He added: “For the said exchange control violations, a penalty of US$120 000 or its equivalence in Zimbabwe dollar has been levied against Rolink Finance (Private) Limited.”
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