Zimbabwe: RBZ Lifts Metbank U.S.$ Trading Ban

The Reserve Bank of Zimbabwe (RBZ) has lifted the foreign currency trading suspension imposed earlier on Metbank Limited following the recent conclusion of investigations into foreign exchange violations.

The bank was censured in April this year as the central bank moved to escalate the implementation of disciplinary measures in the wake of the deteriorating Zim$ value against the greenback which has to date reached US$1:$400 on the parallel market and US$1:$325 on the official market.

The bank was however limited to foreign currency trading alone.

However, in a statement Wednesday, RBZ governor John Mangudya announced the lifting of the suspension with immediate effect.

"The Reserve Bank of Zimbabwe wishes to advise the public that it has lifted the suspension of Metbank Limited's authorized dealership license 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," he said in a statement.

The RBZ also suspended InnBucks and Access Forex which was later allowed to conduct business with the former continuing on suspension.

At the peak of the crisis the government also directed banks to ban lending after noting unscrupulous speculative borrowing which was shaking the exchange rate markets.

To date organisations like the Confederation of Zimbabwe Industries have hailed the monetary authorities for their commitment in implementing sound disciplinary measures which have steadily restored relative stability.

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