Business News of 2014-07-29

BoG lifts ban on importation of dollars, other major currencies

Commercial banks can now import dollars, pounds and other international currencies for their operations.

This follows the Bank of Ghana's decision to lift the ban on importation of foreign exchange by commercial banks last week.

Governor of the Bank, Dr. Kofi Wampah, told Joy Business the move is part of measures to improve supply of dollars on the market and possibly help stabilize the falling Ghana cedi.

The BoG governor maintained that this would also help correct the current situation, where most of the commercial banks are quoting their own exchange rates. In February this year, the central bank announced measures aimed at shoring up the cedi against the major foreign currencies.

As part of the measures, it banned commercial banks and other financial houses from importing forex, issuing cheques and cheque books on foreign exchange accounts (FEA) as well as foreign currency accounts (FCA).

Source: myjoyonline.com
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