BoG Fines Barclays Bank GHS4.6m Over Forex Regulations Breach

The central bank has announced that it has fined Barclays Bank Ghana an amount of GH¢4.6 million for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market.

A press release issued by the Bank of Ghana said Barclays’ 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 press release added.

The central bank stated that it will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank FX Market Conduct Rules.

Business Today

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