LATEST: RBZ suspends 3 financial institutions (SEE NAMES)

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THE Reserve Bank of Zimbabwe (RBZ) has suspended three entities from foreign currency exchange trading as it moves to instill sanity and stability in the financial services sector.

MetBank, InnBucks, which operates under Simbisa Brands, Metbank and another bureau de charge operator, Rolink Finance, have with immediate effect been ordered to stop trading.

In a notice on Wednesday, central bank governor Dr John Mangudya said MetBank will not be permitted from buying and selling foreign currency and processing international and domestic foreign currency transactions until further notice.

For InnBucks, Dr Mangudya said it has not fulfilled laid down operating regulations.

“In November 2021, the bank directed InnBucks to apply for and obtain necessary approvals in order to continue offering the service,” said the Apex Bank.

“To date, the company has not yet regularised the service as directed, hence the inevitable regulatory intervention by the bank. The cessation of the service means that customers shall no longer be able to deposit funds into the InnBucks account or transfer the funds to third parties.”

Rolink Finance was fined US$120 000 or its equivalent in Zimbabwe dollar for breaching Exchange Control regulations.

— Herald


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