Prime News Ghana

BoG resolves forex issues with Barclays Bank

By Justice Kofi Bimpeh
Barclays Bank
Barclays Bank

The Bank of Ghana has stated that it has resolved the foreign exchange market issue with Barclays bank and the bank is now in good standing.

“On Monday, June 3, 2019, the Bank of Ghana issued a press release on the misconduct in the foreign exchange market by Barclays Bank Ghana Limited. The Bank of Ghana has since engaged Barclays Bank Ghana Ltd and the matter has now been resolved.

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

A statement issued by the Central Bank on June 3 stated that the action is in breach of the Ghana Interbank Forex Market Conduct Rules.

The statement added that 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.

Meanwhile, Barclays Bank in a statement said: “We are engaging with the regulator on this matter and will update you of developments.”

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