The Bank of Ghana has taken strict action against Fidelity Bank Ghana Limited and First National Bank Ghana Limited for their non-compliance with sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
These breaches have resulted in a combined penalty of 1000 penalty points being imposed on each bank.
Furthermore, as a consequence of their actions, the central bank has suspended the forex licenses of both banks from 29th June 2023 to 28th July 2023.
In light of this incident, the Bank of Ghana has issued a statement cautioning all participants in the forex market, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), to strictly comply with the applicable forex market regulations and guidelines.
Market participants are urged to familiarize themselves with the regulatory framework and ensure strict compliance to avoid facing similar penalties or license suspensions in the future.
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