Barclays Bank Ghana fined Gh¢4.6m by BoG over forex regulations breach

Barclays Bank Ghana fined Gh¢4.6m by BoG over forex regulations breach

- The Bank of Ghana (BoG) has sanctioned Barclays Bank Ghana for violating the Ghana Interbank Forex Market Conduct Rules

- The BoG says it is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the foreign exchange market in Ghana

Barclays Bank Ghana has been fined an amount of Gh¢4,579,256.36 by the Central Bank for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market.

According to a statement by the Bank of Ghana, 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 regulator said in a statement.

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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 Bank of Ghana on Friday, May 31, 2019, announced the revocation of the licences of 347 microfinance companies which were either insolvent or had folded up voluntarily.

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Source: Yen

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