The Bank of Ghana, BoG is set to sanction more commercial banks in the country for failing to comply with the forex regulations.
These market regulations are rules covering the operations of banks when it comes to their foreign exchange transactions.
According to Joy FM's report, some of the banks in the country have failed to fully comply with the regulations and some have also failed to comply with their net open position requirement.
The report further stated that sources close to the Bank of Ghana has also maintained that they are currently securing the required evidence to aid the sanction of these banks.
BoG fines Barclays Bank over forex regulations breach
The Bank of Ghana, BoG 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 statement 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.
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