Harare (New Ziana) – The Reserve Bank of Zimbabwe has fined Metbank for breach of exchange control regulations following a full investigation.
Following the imposition of the fine, the Reserve Bank lifted the suspension of Metbank Limited’s authorised dealership licence with immediate effect.
“The lifting of the suspension follows the conclusion of investigations relating to foreign exchange trading which has culminated in the imposition of an administrative fine against Metbank Limited for breaching Exchange Control Regulations,” RBZ governor John Mangudya said without divulging the amount imposed as a fine.
The RBZ suspended Metbank from trading as an authorised dealer in April this year “pending a full investigation for breach of exchange control regulations relating to trading in foreign currency.”
During the suspension Metbank was not permitted to deal in foreign currency, that is buying and selling foreign currency, and processing international and domestic foreign currency transactions.
The suspension came as the central bank tried to reign in on the spiralling exchange rate.
Over the weekend, it was reported that four banks had been placed under surveillance by the RBZs Financial Intelligence Unit on suspicions of fuelling illegal foreign currency dealings.
The investigations by the FIU will focus on banks alleged to be excess liquidity into the market, precipitating the fall of the local currency, and in turn price hikes.