The Bank of Ghana has fined Barclays Bank Ghana Limited an amount of 4,579,256.36 for what the Central Bank describes as frivolous quotes on Ghana’s Interbank Foreign Exchange Market.
According to the banking regulator, the action of Barclays Bank is in breach of the Ghana Interbank Forex Market Conduct Rules.
A statement issued by the Central Bank on June 3, 2019 said the regulator is committed to ensuring sanity, transparency and promoting best practices that will develop and deepen the forex market in the country.
It also indicated that in pursuant of the Central Bank’s goal in the market, the regulator will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank Forex Market Conduct Rules.
Story By: Henry George Martinson/radiogoldlive.com
