The Central Bank of Ghana has fined Barclays Bank 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,” the regulator said in a statement.
“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,” the statement added.
Meanwhile, Barclays Bank in a statement said: “We are engaging with the regulator on this matter and will update you of developments.”
Source: Daily Mail GH