The Financial institution of Ghana has taken strict motion in opposition to Constancy Financial institution and First Nationwide Financial institution Ghana Restricted, imposing a mixed penalty of 1000 penalty factors every.
The penalties have been levied because of the banks’ breach of sections 3.4, 3.5, and three.9 of the Ghana Interbank Foreign exchange Market Conduct guidelines.
Moreover, as a consequence of their actions, the Financial institution of Ghana has briefly suspended the foreign exchange licenses of each banks. The suspension might be in impact from June 29, 2023, till July 28, 2023.
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A press release by the Central Financial institution added that the nice serves as a powerful warning to all contributors within the foreign exchange market, together with banks, foreign exchange bureaus, foreign exchange brokers, and cash switch operators (MTOs), to strictly adhere to the relevant rules and pointers governing the foreign exchange market.