In a press statement issued by Ghana’s Central Bank, it said that Barclays Bank Ghana has breached the Ghana Interbank Forex Market Conduct Rules.
ADVERTISEMENT
Bank of Ghana has fined Barclays Bank GHC4.6m over forex regulations breach
The Bank of Ghana has fined Barclays Bank Ghana an amount of GHC4,579,256.36 for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market.
Barclays bank ATM
“This action is in breach of the Ghana Interbank Forex Market Conduct Rules. The Bank of Ghana is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana,”
“The Bank of Ghana is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana,” the statement added.
The BoG added that it will not spare any market participant who acts against Ghana’s Interbank FX Market Conduct Rules.
ADVERTISEMENT
“In pursuit of the above goals, the Bank of Ghana will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank FX Market Conduct Rules,” the statement added.
The BoG in recent times has taken hard decisions to clean the finance sector.
The first of such decision was the revocation of UT and Capital Banks licenses in 2017. This was followed by the merger of 5 indigenous banks into the Consolidated Bank Ghana.
The BoG also set a new Minimum Capital Requirement (MCR) which led to the downgrading or merger of other banks.
Currently, the Central Bank is cleaning the Microfinance sector. It has closed down 347 microfinance institutions so far.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
How to save a life by doing CPR during an emergency
3 reasons most airplanes are painted white
How 1 woman became first lady of 2 different countries — she married 2 presidents
Kuami Eugene shares post-accident recovery photos, expresses gratitude to supporters
'Biggest' Fella Makafui treats herself to a GH¢100k+ Santos de Cartier Watch
Here are 5 things you need to know about applying deodorant between your thighs
BoG appoints Dr. Joseph O. France as monitoring advisor for UMB recapitalisation efforts
Government halts implementation of price stabilization and recovery levy on petroleum products