Barclays Bank Fined ¢GHC4.5m Over Frivolous Quotes

The Bank of Ghana (BoG) has on Monday fined Barclays Bank an amount of ¢4,579,256.36 for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market.

A statement issued by the Bank of Ghana indicates that “The Bank of Ghana is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana”.

“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.

Below is the statement issued by the Bank of Ghana