Business News of 2014-02-14

BoG will not convert your forex, says revised directives

The Bank of Ghana has revised its earlier directives regarding the rules on the operations of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) announced on February 4, 2014.

The new amendments states that all balances in Foreign Currency Accounts (FCA) and Foreign Exchange Accounts (FEA) will continue to be held in foreign currency, and will not be converted into Ghana Cedis as earlier announced.

However, except for travel purposes, withdrawals out of foreign currency accounts over the counter will be paid in Cedis at the existing exchange rate. Additionally external transfers of up to $10,000.00 per annum, without documentation from FEA and FCA are still permitted.

Balances held in Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) continue to remain available for all legitimate external transactions. According to the BoG the new move followed consultations with stakeholders and comments from the general public.

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