BoG suspends forex licences of Fidelity Bank, FNB Ghana
By DL News
Published
Updated
1 min read
The two banks have been additionally fined 1000 penalty points each
The Bank of Ghana (BoG) has temporarily suspended the forex licences of Fidelity Bank Ghana and First National Bank (FNB) Ghana for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
The two banks have been additionally fined 1000 penalty points each, the BoG said in a statement.
The suspension will however run for a month - beginning today, June 29 to July 28, 2023.
“By this notice, we caution forex market players including banks, forex bureaus, forex brokers, and money transfer operators (MTOs) to adhere strictly to the applicable forex market regulations and guidelines,” the Central Bank added.
The sections the two banks are said to have breached apply to indicative quotes for buying and selling US dollars, trade reporting on platforms, and fixing of official exchange rates.
The BoG as regulator issues the rules under the Foreign Exchange Act 2006 (Act 723) and Section 92(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
