BoG fines Fidelity Bank and First National Bank, suspends their forex licenses
The Bank of Ghana(BoG) has taken stringent action against Fidelity Bank and First National Bank Ghana Limited for breaching sections of the Ghana Interbank Forex Market Conduct rules.
BoG has fined Fidelity Bank Ghana Limited and First National Bank Ghana Limited a combined 1000 penalty points each for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
In addition, the central bank has suspended the respective forex licenses of the banks from June 29, 2023, to July 28, 2023.
“By this notice, we caution forex market players including banks, forex bureaus, forex brokers, and money transfer operators (MTOs) to adhere strictly to the applicable forex market regulations and guidelines,” a statement from the BoG said.
Read full statement below:
