Bank of Ghana (BoG) has refuted reports suggesting they intend to embark on a clean-up exercise of Rural and Community Banks sub-sector (RCBs).
The report which is making waves on Facebook and Whatsapp platforms indicates that the exercise will negatively affect depositors funds, urging depositors to move their funds to other institutions.
Reacting to this, BoG in a statement issued on Friday, June 7, said the clean-up exercise is not directed at Rural and Community Banks but rather directed at insolvent and illiquid financial institutions which are not able to meet depositor withdrawals.
This, according to the Central bank, is to enable depositors have access to their funds.
It further encouraged the general public and customers to continue to transact business with Rural Community Banks that are solvent, liquified and strong.
Read the full statement:
NOTICE OF THE FINING OF BARCLAYS BANK GHANA LIMITED FOR MAKING FRIVOLOUS QUOTES ON THE GHANA INTERBANK FOREIGN EXCHANGE (FX) MARKET
The Bank of Ghana has fined the Barclays Bank of Ghana an amount of GH¢4,579,256.36 for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market. This action is in breach of the Ghana Interbank Forex Market Conduct Rules.
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.
ISSUED BY BANK OF GHANA