BoG clears Barclays Bank; says they are in good standing

BoG clears Barclays Bank; says they are in good standing

- The Bank of Ghana has said Barclays Bank is now in good standing as far as its forex quotes and operations are concerned

- The central bank sanctioned Barclays Bank Ghana for violating the Ghana Interbank Forex Market Conduct Rules

Barclays Bank Ghana has been cleared by the Bank of Ghana to be in good standing after it resolved the foreign exchange market issue.

The central bank in a statement noted that, Barclays Bank is a very “solvent and well-capitalized bank”.

On Monday, June 3, 2019, the central bank sanctioned Barclays Bank Ghana for violating the Ghana Interbank Forex Market Conduct Rules.

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But the BoG has since resolved its issues with Barclays Bank Ghana.

The Bank of Ghana would want to remind the general public that this action does not suggest Barclays Bank Ghana Ltd. is not in good standing. The Bank of Ghana would also like to assure the general public that Barclays Bank Ghana Ltd. is solvent, well-capitalized and remains in good standing,” the central bank said in a statement.

The BoG fined Barclays an amount of GH¢4,579,256.36 for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market.

The BoG also assured that public that it is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana.

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Source: Yen News

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