Barclays Bank fined GH₵4.5m for breaching Forex Market rules

The Bank of Ghana (BoG) has fined the Barclays Bank of Ghana an amount of GH₵4,579,256.32 for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market.

The action of Barclays Bank, according to the Central Bank, is in breach of the Ghana Interbank Forex Market Conduct Rules.

A statement dated Monday, June 3, 2019, and released by the BoG in Accra said it is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the Forex Market in Ghana and will therefore “not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank Forex Market Conduct Rules”.