diff --git a/package.json b/package.json
index 2b75177e25bd7d..7d5939b6c97f88 100644
--- a/package.json
+++ b/package.json
@@ -105,9 +105,9 @@
     "hermes-engine": "~0.11.0",
     "invariant": "^2.2.4",
     "jsc-android": "^250230.2.1",
-    "metro-react-native-babel-transformer": "0.67.0",
-    "metro-runtime": "0.67.0",
-    "metro-source-map": "0.67.0",
+    "metro-react-native-babel-transformer": "0.68.0",
+    "metro-runtime": "0.68.0",
+    "metro-source-map": "0.68.0",
     "nullthrows": "^1.1.1",
     "pretty-format": "^26.5.2",
     "promise": "^8.0.3",
diff --git a/repo-config/package.json b/repo-config/package.json
index 388f8bf6e6a939..ca8196ff0d0958 100644
--- a/repo-config/package.json
+++ b/repo-config/package.json
@@ -38,7 +38,7 @@
     "jest": "^26.6.3",
     "jest-junit": "^10.0.0",
     "jscodeshift": "^0.13.1",
-    "metro-babel-register": "0.67.0",
+    "metro-babel-register": "0.68.0",
     "mkdirp": "^0.5.1",
     "prettier": "^2.4.1",
     "react": "17.0.2",
diff --git a/template/package.json b/template/package.json
index dba4f45ef5af6e..5429ca0afa59a3 100644
--- a/template/package.json
+++ b/template/package.json
@@ -20,7 +20,7 @@
     "babel-jest": "^26.6.3",
     "eslint": "^7.32.0",
     "jest": "^26.6.3",
-    "metro-react-native-babel-preset": "^0.67.0",
+    "metro-react-native-babel-preset": "^0.68.0",
     "react-test-renderer": "17.0.2"
   },
   "jest": {
diff --git a/yarn.lock b/yarn.lock
index 300c733fd79189..73ec92c79f906a 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -51,6 +51,15 @@
     jsesc "^2.5.1"
     source-map "^0.5.0"
 
+"@babel/generator@^7.17.0":
+  version "7.17.0"
+  resolved "https://registry.yarnpkg.com/@babel/generator/-/generator-7.17.0.tgz#7bd890ba706cd86d3e2f727322346ffdbf98f65e"
+  integrity sha512-I3Omiv6FGOC29dtlZhkfXO6pgkmukJSlT26QjVvS1DGZe/NzSVCPG41X0tS21oZkJYlovfj9qDWgKP+Cn4bXxw==
+  dependencies:
+    "@babel/types" "^7.17.0"
+    jsesc "^2.5.1"
+    source-map "^0.5.0"
+
 "@babel/helper-annotate-as-pure@^7.12.13", "@babel/helper-annotate-as-pure@^7.16.7":
   version "7.16.7"
   resolved "https://registry.yarnpkg.com/@babel/helper-annotate-as-pure/-/helper-annotate-as-pure-7.16.7.tgz#bb2339a7534a9c128e3102024c60760a3a7f3862"
@@ -197,6 +206,15 @@
     "@babel/helper-wrap-function" "^7.13.0"
     "@babel/types" "^7.13.0"
 
+"@babel/helper-remap-async-to-generator@^7.16.8":
+  version "7.16.8"
+  resolved "https://registry.yarnpkg.com/@babel/helper-remap-async-to-generator/-/helper-remap-async-to-generator-7.16.8.tgz#29ffaade68a367e2ed09c90901986918d25e57e3"
+  integrity sha512-fm0gH7Flb8H51LqJHy3HJ3wnE1+qtYR2A99K06ahwrawLdOFsCEWjZOrYricXJHoPSudNKxrMBUPEIPxiIIvBw==
+  dependencies:
+    "@babel/helper-annotate-as-pure" "^7.16.7"
+    "@babel/helper-wrap-function" "^7.16.8"
+    "@babel/types" "^7.16.8"
+
 "@babel/helper-replace-supers@^7.12.13", "@babel/helper-replace-supers@^7.13.0", "@babel/helper-replace-supers@^7.16.7":
   version "7.16.7"
   resolved "https://registry.yarnpkg.com/@babel/helper-replace-supers/-/helper-replace-supers-7.16.7.tgz#e9f5f5f32ac90429c1a4bdec0f231ef0c2838ab1"
@@ -249,6 +267,16 @@
     "@babel/traverse" "^7.13.0"
     "@babel/types" "^7.13.0"
 
+"@babel/helper-wrap-function@^7.16.8":
+  version "7.16.8"
+  resolved "https://registry.yarnpkg.com/@babel/helper-wrap-function/-/helper-wrap-function-7.16.8.tgz#58afda087c4cd235de92f7ceedebca2c41274200"
+  integrity sha512-8RpyRVIAW1RcDDGTA+GpPAwV22wXCfKOoM9bet6TLkGIFTkRQSkH1nMQ5Yet4MpoXe1ZwHPVtNasc2w0uZMqnw==
+  dependencies:
+    "@babel/helper-function-name" "^7.16.7"
+    "@babel/template" "^7.16.7"
+    "@babel/traverse" "^7.16.8"
+    "@babel/types" "^7.16.8"
+
 "@babel/helpers@^7.16.7":
   version "7.16.7"
   resolved "https://registry.yarnpkg.com/@babel/helpers/-/helpers-7.16.7.tgz#7e3504d708d50344112767c3542fc5e357fffefc"
@@ -272,6 +300,20 @@
   resolved "https://registry.yarnpkg.com/@babel/parser/-/parser-7.16.10.tgz#aba1b1cb9696a24a19f59c41af9cf17d1c716a88"
   integrity sha512-Sm/S9Or6nN8uiFsQU1yodyDW3MWXQhFeqzMPM+t8MJjM+pLsnFVxFZzkpXKvUXh+Gz9cbMoYYs484+Jw/NTEFQ==
 
+"@babel/parser@^7.17.0":
+  version "7.17.0"
+  resolved "https://registry.yarnpkg.com/@babel/parser/-/parser-7.17.0.tgz#f0ac33eddbe214e4105363bb17c3341c5ffcc43c"
+  integrity sha512-VKXSCQx5D8S04ej+Dqsr1CzYvvWgf20jIw2D+YhQCrIlr2UZGaDds23Y0xg75/skOxpLCRpUZvk/1EAVkGoDOw==
+
+"@babel/plugin-proposal-async-generator-functions@^7.0.0":
+  version "7.16.8"
+  resolved "https://registry.yarnpkg.com/@babel/plugin-proposal-async-generator-functions/-/plugin-proposal-async-generator-functions-7.16.8.tgz#3bdd1ebbe620804ea9416706cd67d60787504bc8"
+  integrity sha512-71YHIvMuiuqWJQkebWJtdhQTfd4Q4mF76q2IX37uZPkG9+olBxsX+rH1vkhFto4UeJZ9dPY2s+mDvhDm1u2BGQ==
+  dependencies:
+    "@babel/helper-plugin-utils" "^7.16.7"
+    "@babel/helper-remap-async-to-generator" "^7.16.8"
+    "@babel/plugin-syntax-async-generators" "^7.8.4"
+
 "@babel/plugin-proposal-class-properties@^7.0.0", "@babel/plugin-proposal-class-properties@^7.13.0":
   version "7.16.7"
   resolved "https://registry.yarnpkg.com/@babel/plugin-proposal-class-properties/-/plugin-proposal-class-properties-7.16.7.tgz#925cad7b3b1a2fcea7e59ecc8eb5954f961f91b0"
@@ -750,6 +792,22 @@
     debug "^4.1.0"
     globals "^11.1.0"
 
+"@babel/traverse@^7.16.8":
+  version "7.17.0"
+  resolved "https://registry.yarnpkg.com/@babel/traverse/-/traverse-7.17.0.tgz#3143e5066796408ccc880a33ecd3184f3e75cd30"
+  integrity sha512-fpFIXvqD6kC7c7PUNnZ0Z8cQXlarCLtCUpt2S1Dx7PjoRtCFffvOkHHSom+m5HIxMZn5bIBVb71lhabcmjEsqg==
+  dependencies:
+    "@babel/code-frame" "^7.16.7"
+    "@babel/generator" "^7.17.0"
+    "@babel/helper-environment-visitor" "^7.16.7"
+    "@babel/helper-function-name" "^7.16.7"
+    "@babel/helper-hoist-variables" "^7.16.7"
+    "@babel/helper-split-export-declaration" "^7.16.7"
+    "@babel/parser" "^7.17.0"
+    "@babel/types" "^7.17.0"
+    debug "^4.1.0"
+    globals "^11.1.0"
+
 "@babel/types@^7.0.0", "@babel/types@^7.12.13", "@babel/types@^7.13.0", "@babel/types@^7.13.12", "@babel/types@^7.16.0", "@babel/types@^7.16.7", "@babel/types@^7.16.8", "@babel/types@^7.3.0", "@babel/types@^7.3.3", "@babel/types@^7.7.0":
   version "7.16.8"
   resolved "https://registry.yarnpkg.com/@babel/types/-/types-7.16.8.tgz#0ba5da91dd71e0a4e7781a30f22770831062e3c1"
@@ -758,6 +816,14 @@
     "@babel/helper-validator-identifier" "^7.16.7"
     to-fast-properties "^2.0.0"
 
+"@babel/types@^7.17.0":
+  version "7.17.0"
+  resolved "https://registry.yarnpkg.com/@babel/types/-/types-7.17.0.tgz#a826e368bccb6b3d84acd76acad5c0d87342390b"
+  integrity sha512-TmKSNO4D5rzhL5bjWFcVHHLETzfQ/AmbKpKPOSjlP0WoHZ6L911fgoOKY4Alp/emzG4cHJdyN49zpgkbXFEHHw==
+  dependencies:
+    "@babel/helper-validator-identifier" "^7.16.7"
+    to-fast-properties "^2.0.0"
+
 "@bcoe/v8-coverage@^0.2.3":
   version "0.2.3"
   resolved "https://registry.yarnpkg.com/@bcoe/v8-coverage/-/v8-coverage-0.2.3.tgz#75a2e8b51cb758a7553d6804a5932d7aace75c39"
@@ -4800,10 +4866,10 @@ merge2@^1.3.0:
   resolved "https://registry.yarnpkg.com/merge2/-/merge2-1.4.1.tgz#4368892f885e907455a6fd7dc55c0c9d404990ae"
   integrity sha512-8q7VEgMJW4J8tcfVPy8g09NcQwZdbwFEqhe/WZkoIzjn/3TGDwtOCYtXGxA3O8tPzpczCCDgv+P2P5y00ZJOOg==
 
-metro-babel-register@0.67.0:
-  version "0.67.0"
-  resolved "https://registry.yarnpkg.com/metro-babel-register/-/metro-babel-register-0.67.0.tgz#03cb70cef59547cc43ab01ae187c046804175245"
-  integrity sha512-rlUTQSgVuVqnNqX/Mp+g8xqFl3OJlO28cmEJGixBekjx+hDEcPPUfwxpFgUgzNQZaG9D1dEqB9pVxn89ecZPVw==
+metro-babel-register@0.68.0:
+  version "0.68.0"
+  resolved "https://registry.yarnpkg.com/metro-babel-register/-/metro-babel-register-0.68.0.tgz#7f68fc04b385daf702b31e1b8b9e0f8e94fbf13e"
+  integrity sha512-KgPNipU2CkU+f+6m4b6P6jHdgYbEQ6IVr/4mO0Tqd6MMZdDQj8V3x9BK9UT11OEXocUP4+AD87EpWp8mrnySSA==
   dependencies:
     "@babel/core" "^7.14.0"
     "@babel/plugin-proposal-nullish-coalescing-operator" "^7.0.0"
@@ -4826,6 +4892,16 @@ metro-babel-transformer@0.67.0:
     metro-source-map "0.67.0"
     nullthrows "^1.1.1"
 
+metro-babel-transformer@0.68.0:
+  version "0.68.0"
+  resolved "https://registry.yarnpkg.com/metro-babel-transformer/-/metro-babel-transformer-0.68.0.tgz#90e0f6aac31082c1a1ca930d19fa2c3b829090f1"
+  integrity sha512-uVW3GiamyMjMSmZFWxuFrfdoGYtW56xojYl7BABpO8U634kK2tTGB8Hm+RGdzWEjBZ1B9NzKKrlM2Crtvxi72w==
+  dependencies:
+    "@babel/core" "^7.14.0"
+    hermes-parser "0.5.0"
+    metro-source-map "0.68.0"
+    nullthrows "^1.1.1"
+
 metro-cache-key@0.67.0:
   version "0.67.0"
   resolved "https://registry.yarnpkg.com/metro-cache-key/-/metro-cache-key-0.67.0.tgz#4df6a73cced199e1bddd0f3454bb931a27141eeb"
@@ -4929,7 +5005,67 @@ metro-react-native-babel-preset@0.67.0:
     "@babel/template" "^7.0.0"
     react-refresh "^0.4.0"
 
-metro-react-native-babel-transformer@0.67.0, metro-react-native-babel-transformer@^0.67.0:
+metro-react-native-babel-preset@0.68.0:
+  version "0.68.0"
+  resolved "https://registry.yarnpkg.com/metro-react-native-babel-preset/-/metro-react-native-babel-preset-0.68.0.tgz#5a896aeeabb4f0dc796724ed75efb3e05d81b02f"
+  integrity sha512-y0fi1DYi2AyYxqIjjJHN0OloX9qi8qC8/+UhJaAZr3QNEt1dXUE0yhydcKoARn6rzgqWHqbiL6nqJOqfvbHr1w==
+  dependencies:
+    "@babel/core" "^7.14.0"
+    "@babel/plugin-proposal-async-generator-functions" "^7.0.0"
+    "@babel/plugin-proposal-class-properties" "^7.0.0"
+    "@babel/plugin-proposal-export-default-from" "^7.0.0"
+    "@babel/plugin-proposal-nullish-coalescing-operator" "^7.0.0"
+    "@babel/plugin-proposal-object-rest-spread" "^7.0.0"
+    "@babel/plugin-proposal-optional-catch-binding" "^7.0.0"
+    "@babel/plugin-proposal-optional-chaining" "^7.0.0"
+    "@babel/plugin-syntax-dynamic-import" "^7.0.0"
+    "@babel/plugin-syntax-export-default-from" "^7.0.0"
+    "@babel/plugin-syntax-flow" "^7.2.0"
+    "@babel/plugin-syntax-nullish-coalescing-operator" "^7.0.0"
+    "@babel/plugin-syntax-optional-chaining" "^7.0.0"
+    "@babel/plugin-transform-arrow-functions" "^7.0.0"
+    "@babel/plugin-transform-async-to-generator" "^7.0.0"
+    "@babel/plugin-transform-block-scoping" "^7.0.0"
+    "@babel/plugin-transform-classes" "^7.0.0"
+    "@babel/plugin-transform-computed-properties" "^7.0.0"
+    "@babel/plugin-transform-destructuring" "^7.0.0"
+    "@babel/plugin-transform-exponentiation-operator" "^7.0.0"
+    "@babel/plugin-transform-flow-strip-types" "^7.0.0"
+    "@babel/plugin-transform-for-of" "^7.0.0"
+    "@babel/plugin-transform-function-name" "^7.0.0"
+    "@babel/plugin-transform-literals" "^7.0.0"
+    "@babel/plugin-transform-modules-commonjs" "^7.0.0"
+    "@babel/plugin-transform-object-assign" "^7.0.0"
+    "@babel/plugin-transform-parameters" "^7.0.0"
+    "@babel/plugin-transform-react-display-name" "^7.0.0"
+    "@babel/plugin-transform-react-jsx" "^7.0.0"
+    "@babel/plugin-transform-react-jsx-self" "^7.0.0"
+    "@babel/plugin-transform-react-jsx-source" "^7.0.0"
+    "@babel/plugin-transform-regenerator" "^7.0.0"
+    "@babel/plugin-transform-runtime" "^7.0.0"
+    "@babel/plugin-transform-shorthand-properties" "^7.0.0"
+    "@babel/plugin-transform-spread" "^7.0.0"
+    "@babel/plugin-transform-sticky-regex" "^7.0.0"
+    "@babel/plugin-transform-template-literals" "^7.0.0"
+    "@babel/plugin-transform-typescript" "^7.5.0"
+    "@babel/plugin-transform-unicode-regex" "^7.0.0"
+    "@babel/template" "^7.0.0"
+    react-refresh "^0.4.0"
+
+metro-react-native-babel-transformer@0.68.0:
+  version "0.68.0"
+  resolved "https://registry.yarnpkg.com/metro-react-native-babel-transformer/-/metro-react-native-babel-transformer-0.68.0.tgz#bfdfe3af860142fac8feb2a4f40c9c3bf1ea1706"
+  integrity sha512-NCV4yrefc3jshl8yJdialj7qnGkbh8went5jJvZyvviTMfpFAjBbnlm8Hj1dzzXbxt8Z5K6CQ8xVioMxDAJRCw==
+  dependencies:
+    "@babel/core" "^7.14.0"
+    babel-preset-fbjs "^3.4.0"
+    hermes-parser "0.5.0"
+    metro-babel-transformer "0.68.0"
+    metro-react-native-babel-preset "0.68.0"
+    metro-source-map "0.68.0"
+    nullthrows "^1.1.1"
+
+metro-react-native-babel-transformer@^0.67.0:
   version "0.67.0"
   resolved "https://registry.yarnpkg.com/metro-react-native-babel-transformer/-/metro-react-native-babel-transformer-0.67.0.tgz#756d32eb3c05cab3d72fcb1700f8fd09322bb07f"
   integrity sha512-P0JT09n7T01epUtgL9mH6BPat3xn4JjBakl4lWHdL61cvEGcrxuIom1eoFFKkgU/K5AVLU4aCAttHS7nSFCcEQ==
@@ -4954,6 +5090,11 @@ metro-runtime@0.67.0, metro-runtime@^0.67.0:
   resolved "https://registry.yarnpkg.com/metro-runtime/-/metro-runtime-0.67.0.tgz#a8888dfd06bcebbac3c99dcac7cd622510dd8ee0"
   integrity sha512-IFtSL0JUt1xK3t9IoLflTDft82bjieSzdIJWLzrRzBMlesz8ox5bVmnpQbVQEwfYUpEOxbM3VOZauVbdCmXA7g==
 
+metro-runtime@0.68.0:
+  version "0.68.0"
+  resolved "https://registry.yarnpkg.com/metro-runtime/-/metro-runtime-0.68.0.tgz#58cc80de8d615bf783e0446ad2830b724ccc0001"
+  integrity sha512-FDtecsblgru4ObES1EHIyyBCTYTHxxY3olv+4V/OtSfaD4AJVnqyVeSG865tz5fYnrJ4pk4jYj7vn8x16WJQdA==
+
 metro-source-map@0.67.0:
   version "0.67.0"
   resolved "https://registry.yarnpkg.com/metro-source-map/-/metro-source-map-0.67.0.tgz#e28db7253b9ca688e60d5710ebdccba60b45b2df"
@@ -4968,6 +5109,20 @@ metro-source-map@0.67.0:
     source-map "^0.5.6"
     vlq "^1.0.0"
 
+metro-source-map@0.68.0:
+  version "0.68.0"
+  resolved "https://registry.yarnpkg.com/metro-source-map/-/metro-source-map-0.68.0.tgz#8ea2563b1efa596fe0614b51e5cd5de3e4c0cdd3"
+  integrity sha512-/pDVGIUyb+Wf5aNxcf+PLqss1X2tt5BJAzSSv9CqCI6NdM0qUO+6sklIme0xkQ0DSfsf+SJQVhId3b8As8dfag==
+  dependencies:
+    "@babel/traverse" "^7.14.0"
+    "@babel/types" "^7.0.0"
+    invariant "^2.2.4"
+    metro-symbolicate "0.68.0"
+    nullthrows "^1.1.1"
+    ob1 "0.68.0"
+    source-map "^0.5.6"
+    vlq "^1.0.0"
+
 metro-symbolicate@0.67.0:
   version "0.67.0"
   resolved "https://registry.yarnpkg.com/metro-symbolicate/-/metro-symbolicate-0.67.0.tgz#16729d05663d28176895244b3d932a898fca2b45"
@@ -4980,6 +5135,18 @@ metro-symbolicate@0.67.0:
     through2 "^2.0.1"
     vlq "^1.0.0"
 
+metro-symbolicate@0.68.0:
+  version "0.68.0"
+  resolved "https://registry.yarnpkg.com/metro-symbolicate/-/metro-symbolicate-0.68.0.tgz#166b571172cafaee91f98628132e379158b7f1b6"
+  integrity sha512-zX/aZBGutE9RN/mDZjUtQ478jaRiAn/ZekfnuvTtaUuBTpH+oxmqA5jYxEarzevwOAKptCGKlhIj9/+9RDk8zg==
+  dependencies:
+    invariant "^2.2.4"
+    metro-source-map "0.68.0"
+    nullthrows "^1.1.1"
+    source-map "^0.5.6"
+    through2 "^2.0.1"
+    vlq "^1.0.0"
+
 metro-transform-plugins@0.67.0:
   version "0.67.0"
   resolved "https://registry.yarnpkg.com/metro-transform-plugins/-/metro-transform-plugins-0.67.0.tgz#6122aa4e5e5f9a767cebcc5af6fd1695666683ce"
@@ -5310,6 +5477,11 @@ ob1@0.67.0:
   resolved "https://registry.yarnpkg.com/ob1/-/ob1-0.67.0.tgz#91f104c90641b1af8c364fc82a4b2c7d0801072d"
   integrity sha512-YvZtX8HKYackQ5PwdFIuuNFVsMChRPHvnARRRT0Vk59xsBvL5t9U1Ock3M1sYrKj+Gp73+0q9xcHLAxI+xLi5g==
 
+ob1@0.68.0:
+  version "0.68.0"
+  resolved "https://registry.yarnpkg.com/ob1/-/ob1-0.68.0.tgz#1da5746721190125f093add4b2ff6b8e457344b8"
+  integrity sha512-Ukcd9MascBFsYhwf1ovgVElHR4z0hEIL9rAifm296LqCceqg9atPwhLWJGYdtDvD19aQvUpNKfsahK5TkEW75A==
+
 object-assign@^4.1.1:
   version "4.1.1"
   resolved "https://registry.yarnpkg.com/object-assign/-/object-assign-4.1.1.tgz#2109adc7965887cfc05cbbd442cac8bfbb360863"