A Financial Engineer and Economist Mr. Alex Emmanuel Nti has called on the Bank of Ghana to reconsider it decision on suspending Fidelity Bank and First National Bank Ghana Limited for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
Speaking to Ohene Kinnah on Plan B FM Ebaanosen, he said the central Bank must reconsider it decision.
Mr. Nti explained that, suspending the banks from the Forex Market will negatively affect the banks finances.
“I support Bank of Ghana for imposing a combined penalty of 1000 penalty points each is a step in the right direction that will serve as a deterrent to others but suspending them is too harsh.”
The Bank of Ghana has taken strict action against Fidelity Bank and First National Bank Ghana Limited, imposing a combined penalty of 1000 penalty points each.
The penalties have been levied due to the banks’ breach of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
Furthermore, as a consequence of their actions, the Bank of Ghana has temporarily suspended the forex licenses of both banks. The suspension will be in effect from June 29, 2023, until July 28, 2023.
A statement by the Central Bank sighted by Plan B News added that the fine serves as a strong warning to all participants in the forex market, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), to strictly adhere to the applicable regulations and guidelines governing the forex market.
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