BoG Fines Barclays Bank for Breach of Interbank Forex Market Conduct Rules

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The Bank of Ghana has today announced that it is imposing a GH¢4,579,256.36 fine on Barclays Bank of Ghana for “making frivolous quotes” on the Ghana interbank foreign exchange market.

The announcement was made by the Bank of Ghana governor, Dr. Ernest Addison in a press statement issued on June 3rd, 2019.

This is part of the Bank of Ghana’s efforts to pursue a system of sanity and transparency as well as promoting best practices that serve to develop and deepen the FX market in Ghana.

Below is the full statement issued;

The Bank of Ghana has fined the Barclays Bank of Ghana an amount of GH¢4,579,256.36 for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market. This action is in breach of the Ghana Interbank Forex Market Conduct Rules.

The Bank of Ghana is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana.

In pursuit of the above goals, the Bank of Ghana will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank FX Market Conduct Rules.

 

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