BoG fines Fidelity Bank and First National Bank for breaching Ghana Interbank Forex Market Conduct rules
Bank of Ghana
The Central Bank of Ghana (BoG) has fined Fidelity bank and First National Bank for breaching Ghana Interbank Forex Market Conduct rules.
The fine was stated in an official release by the Secretary, Ms. Sandra Thompson dated 29th June 2023 to the general public.
The release has it that Bank of Ghana (BoG) has fined the earlier mentioned two (2) financial institutions a combined 1000 penalty points each for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
In addition, the Bank started that they have suspended the respective forex licences of the above-mentioned banks from 29th June 2023 to 28th July 2023.
They cautioned the general public saying “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.”
SOURCE: Coverghana.com.gh
