BoG fines Barclays GH¢4.58m over 'frivolous' interbank quotes

The Bank of Ghana (BoG) has sanctioned Barclays Bank of Ghana over what it described as a violation of the Ghana Interbank Forex Market Conduct Rules.

The BoG in a statement on Monday, 3 June 2019 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 added that the central bank will continue to play its supervisory role by applying sanctions against any entity that flout 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.