Forex: Barclays in good standing – Bank of Ghana

The Bank of Ghana has said Barclays Bank is now in good standing as far as its forex quotes and operations are concerned.

On Monday, 3 June 2019, the central bank sanctioned Barclays Bank Ghana for violating the Ghana Interbank Forex Market Conduct Rules.

The BoG, in a statement that day, said the bank has been fined an amount of GH¢4,579,256.36 “for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market”.

The statement added that the BoG is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana.

It said the central bank will continue to play its supervisory role by applying sanctions against any entity that flouts laid-down rules in their operations.

“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.

However, in a new statement issued on Thursday, the central bank said: “The Bank of Ghana has since engaged Barclays Bank Ghana Limited and the matter has now been resolved”.

“The Bank of Ghana 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 Limited is solvent, well-capitalised and remains in good standing,” the statement added.