BoG fines Barclays Bank GH₵4.5m for wrong doing

The Bank of Ghana (BoG) has fined the Barclays Bank of Ghana an amount of GH₵4,579,256.32 for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market.

The action of Barclays Bank, according to the Central Bank, is in breach of the Ghana Interbank Forex Market Conduct Rules.

A statement dated Monday, June 3, 2019, and released by the BoG in Accra said it is 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 Bank of Ghana will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank Forex Market Conduct Rules”, the statement in part read.

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