Dr. Ernest Addison- Governor of BoG
The Central Bank says its statement which was issued on Monday, June
3, 2019 that spelt out a penalty for Barclays Bank did not suggest in any way
that the financial institution was not in good standing.
The Bank of Ghana (BoG), in a statement issued on Friday in Accra, said
that “we would want to remind the general public that this action does not
suggest Barclays Bank Ghana Ltd is not in good standing. The Bank of Ghana
would also like to assure the general public that Barclays Bank Ghana Ltd is
solvent, well-capitalized and remains in good standing.”
The BoG has since engaged Barclays Bank Ghana Ltd and the matter has
now been resolved.
Barclays Bank Ghana was fined an amount of GH¢4,579,256.36 by the
regulator for making frivolous quotes on Ghana’s Interbank Foreign Exchange
Market.
The action, according to a statement by the Central Bank, was in
breach of the Ghana Interbank Forex Market Conduct Rules.
It said the Bank of Ghana (BoG) is committed to ensuring sanity,
transparency and promoting best practices that would develop and deepen the FX
market in Ghana.
Market participants are required to conduct their activities ethically, transparently and professionally to ensure fairness and integrity of the foreign exchange market, among others.
A business desk report
The post ‘Barclays Bank In Good Standing‘ appeared first on DailyGuide Network.
