BoG fines Barclays Ghana GHS 4.6 million for breach of FX rules

The Bank of Ghana (BoG)  has fined Barclays Bank Ghana an amount of GHC4, 579,256.36 for making frivolous quotes on the Ghana Interbank Foreign Exchange Market.

The BoG in press statement issued in Accra yesterday and copied to the Ghanaian Times said the action of Barclays Bank Ghana was in breach of the Ghana Interbank Forex Market Conduct Rules.

It said the BoG was committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the forex market in Ghana.

“In pursuit of the above goals, the BoG will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank Forex Market Conduct Rules,” the statement said.

By Times Reporter

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