While it is the banning of InnBucks that has stolen headlines they were not the only ones to be lashed by the RBZ recently. MetBank, a smaller bank in terms of customers was also issued with a ban that will see them not being allowed to carry out foreign currency-related transactions pending an investigation into the alleged breaches. It’s not clear exactly what triggered the lashing but clearly, the apex bank feels something is amiss on MetBank’s books.

SUSPENSION OF METBANK LIMITED FORM OPERATING AS AN AUTHORISED DEALER

The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that it has, with immediate effect, suspended MetBank Limited from operating as an authorized dealer pending full investigations for breach of Exchange control regulations relating to trading in foreign currency.

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MetBank Limited 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 doesnot relieve MetBank Limited of any oustanding obligations it incurred or had at the time of the suspension of the licence.

John P. Mangudya

20 April 2022