BoG fines Barclays Bank over forex regulations breach. The Bank of Ghana, BoG has fined Barclays Bank Ghana an amount of GH¢4.6 million for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market. A press statement issued by the Bank of Ghana said Barclays’ action is in breach of the Ghana Interbank Forex Market Conduct Rules. “The Bank of Ghana is committed to ... Bank of Ghana introduces new forex market regulations to help stabilize cedi Abongobi Media February 26, 2019 Business Leave a comment 436 Views The Bank of Ghana (BoG) has started the implementation of some drastic measures to streamline trading of dollars and other major foreign currencies in the country. The regulatory and legal framework within which banks, non-bank financial institutions as well as forex bureaux operate in Ghana are the following: Bank of Ghana Act 2002, Act 612; Bank of Ghana (Amendment) Act, 2016 (Act 918) Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) Non-Bank Financial Institutions Act, 2008 (Act 774) Companies Act, 1963 (Act 179) Bank of Ghana ... GHANA INTERBANK FOREX MARKET CONDUCT . FEBRUARY 2019 . 2 : Table of Contents : 1.0 PRELIMINARY ... The Bank of Ghana shall publish the Ghana Cedi reference rate with respect to the US dollaron the Bank of Ghana website by 16:30 hours GMT daily except on holidays. The reference rate shall be computed using the weighted average exchange rate of all eligible US dollar transactions that are ... The central bank has announced that it has fined Barclays Bank Ghana an amount of GH¢4.6 million for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market. A press release issued by the Bank of Ghana said Barclays’ action is in breach of the Ghana Interbank Forex Market Conduct Rules. The Bank of Ghana has threatened to close down forex bureaus that are not complying with its operational regulations. In a letter sent to the Forex Bureaux Association, BoG named 38 forex bureaus ... The new regulations will also help develop and deepen the foreign exchange market in Ghana. According to the Bank of Ghana, all market participants are required to conduct their activities ethically, transparently and professionally to ensure fairness and integrity of the foreign exchange market.
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