The forex licenses of Fidelity Bank Ghana Limited and First National Bank Ghana Limited have been suspended.
This is because, the two financial institutions have breached some sections of the Ghana Interbank Forex Market Conduct rules, according to the Bank of Ghana (BoG).
The Central Bank which meted out the sanction has also fined the two banks, a combined 1000 penalty points each.
The suspension of the banks from forex trading is for 30 days and takes effect from today, June 29 to July28, 2023.
“Bank of Ghana has fined Fidelity Bank Ghana Limited and Fiorst National Bank Ghana a combined 1000 penalty points each for breaching 3. 4, 3.5 and 3.9 of the Ghana Interbank Forex Conduct rules”, the BoG said in a notice.
Forex market players including banks, forex bureaus, forex brokers and money transfer operators have thus been cautioned to adhere strictly to the applicable market regulations and guidelines.
Specific breaches
Section 3.5 of Ghana Interbank Forex Market Conduct rules deals with trade reporting platforms. Specifically, all interbank FX trades must be booked on Reuters platform and appropriately confirmed with five minutes after trade is concluded. These trades must also be reported in the daily FX report submitted to the Bank of Ghana.
Source: Ghana Business