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BoG suspends Fidelity Bank, First National Bank from trading forex

The Bank of Ghana has suspended the forex trading licenses of the Fidelity Bank and First National Bank for thirty (30) days.

BoG governor, Dr. Ernest Addison

In a statement by the central bank, it said the two banks will be fined a combined penalty of 1000 penalty points each.

The penalties have been levied due to the banks’ breach of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.

Furthermore, as a consequence of their actions, the Bank of Ghana has temporarily suspended the forex licenses of both banks. The suspension will be in effect from June 29, 2023, until July 28, 2023.

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A statement by the Central Bank added that the fine serves as a strong warning to all participants in the forex market, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), to strictly adhere to the applicable regulations and guidelines governing the forex market.

“… In addition, the bank has suspended the respective forex licences of the above-mentioned banks from 29 June 2023 to 28 July 2023.”

“By this notice, we caution forex market players including banks, forex bureaus, forex brokers, and money transfer operators (MTOs) to adhere strictly to the applicable forex market regulations and guidelines,” the BoG statement.

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