First National Bank, Fidelity Bank establish special arrangements amid Forex license suspension

Following the temporary suspension of forex licenses by the Bank of Ghana (BoG) due to violations of the Ghana Interbank Forex Market Conduct rules, First National and Fidelity Banks have announced the establishment of special arrangements with partner banks.

The forex licenses of Fidelity Bank Ghana Limited and First National Bank Ghana Limited were suspended temporarily by the BoG, following their breach of some sections of the Ghana Interbank Forex Market Conduct rules.

BoG also fined the two banks, a combined 1000 penalty points each.

The introduced arrangements will enable the banks to initiate and complete foreign exchange deals for their clients, ensuring continuity and convenience throughout this period of suspension.

In separate statements, the banks reassured their customers of their proactive efforts to swiftly resolve the matter and restore normal operations.

They also expressed their commitment to working amicably with the Bank of Ghana to have their forex licenses reinstated.

Source: Ghana Business