MetBank banned from forex trade, Rolink Finance fined US$120k

HARARE – The Reserve Bank of Zimbabwe (RBZ) on Wednesday banned MetBank from trading in foreign currency and suspended the bureau de change licence of Rolink Finance which was also fined US$120,000.

MetBank is suspended from trading as an authorised dealer “pending a full investigation for breach of exchange control regulations relating to trading in foreign currency,” the RBZ said.

The bank “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.”

RBZ chief John Mangudya said Rolink Finance’s bureau de change status had also been suspended following breaches of exchange control regulations, without providing further information.

“For the said exchange control violations, a penalty of US$120,000 or its equivalence in Zimbabwe dollars has been levied against Rolink Finance (Private) Limited,” Mangudya said.

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