RBZ suspends Metbank Ltd, two others

By ZBC Reporter

The Reserve Bank of Zimbabwe has suspended Metbank Limited from operating as an authorised dealer for allegedly breaching Exchange Control regulations relating to trading in foreign currency.

Metbank Limited will not be permitted to deal in foreign currency until further notice.

In a related development, the central bank has also ordered Simbisa Brands Private Limited to cease operating the money transfer service branded InnBucks, after failing to regularise the service.

The cessation of the service means customers will no longer be able to deposit funds into the InnBucks account or transfer the funds to third parties.

Customers may, however, redeem their balances for cash or goods at Simbisa Brands outlets within a period of 30 days from date of this announcement.

The Reserve Bank of Zimbabwe has also suspended Rolink Finance Private Limited from operating as a bureau de change for violating Exchange Control regulations.

As a result of these violations, Rolink Finance has been fined US$120 000 or the equivalent in Zimbabwe dollars.