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Business News of Saturday, 15 September 2012

Source: Daily Guide

Stanchart, Barclays Charge Foreign Accounts Holders

ECOBANK Ghana has withdrawn fees it imposed on its foreign accounts holders but Standard Chartered Bank and Barclays Ghana have maintained the fees.

Ecobank informed its customers that its 0.15 percent monthly fee will no longer be applicable.

The imposition of about 2 percent per annum charge on foreign currency accounts by Ecobank, Stanchart and Barclays in recent times followed a directive from the Bank of Ghana (BoG) to all commercial banks to keep 9 percent of their reserves with the Central Bank.

The measure was supposed to address the ‘dollarisation’ of the economy.

Ecobank’s decision was informed by grave complaints from customers who deposit foreign currency with it.

The development is said to have forced a lot of its foreign accounts holders to switch to other banks which exacted no charges on the accounts.

The repercussions of the practice would make it a bit difficult for the bank to attract new foreign account holders, an analyst disclosed to this paper.

The move is said to have strongly affected the supply of dollars on the market.

Barclays and Stanchart have not taken any decision on the matter, sources told CITY & BUSINESS GUIDE.