Barclays Bank Ghana was fined around GH¢4.5m for generating frivolous prices on Ghana’s Interbank Overseas Exchange Market
The Lender of Ghana (Lavatory) has assured the public Barclays Lender Ghana is in great standing irrespective of the recent regulatory action against the bank.
“The Lender of Ghana would also like to guarantee the normal community that Barclays Lender Ghana Ltd. is solvent, very well-capitalized and stays in good standing,” a statement from the Bog explained on Thursday.
“On Monday, June 3, 2019, the Bank of Ghana issued a press launch on the misconduct in the foreign trade marketplace by Barclays Bank Ghana Confined. The Financial institution of Ghana has since engaged Barclays Financial institution Ghana Ltd and the issue has now been settled,” it additional.
“The Lender of Ghana would want to remind the general community that this motion does not suggest Barclays Lender Ghana Ltd. is not in very good standing.”
BoG’s high-quality in opposition to Barclays Lender Ghana
The Financial institution of Ghana (Bog) fined the Barclays Financial institution Ghana an volume of ¢4,579,256.36 for building frivolous quotations on Ghana’s Interbank Foreign Trade Current market.
“This motion is in breach of the Ghana Interbank Foreign exchange Industry Conduct Principles. The Bank of Ghana is dedicated to guaranteeing sanity, transparency and advertising and marketing best tactics that serve to acquire and deepen the Fx market place in Ghana,” Lavatory stated in an earlier statement.
“In pursuit of the above plans, the Bank of Ghana will not wait to sanction any market participant whose steps contravene Ghana’s Interbank Fx Sector Carry out Guidelines,” the assertion additional.