BoG suspends forex licences of Fidelity Bank, First National Bank

The Bank of Ghana (BoG) has suspended the forex licences of Fidelity Bank and First National Bank Limited.

The suspension takes effect from Thursday, June 29 to July 28, 2023.

Aside from this, the Central Bank has also imposed a fine of 1,000 penalty points on the two banks for contravening sections 3.4, 3.5, and 3.9  of the Ghana Interbank Forex Market Conduct rules.

This was contained in a public notice issued by BoG Secretary, Sandra Thompson.

Meanwhile, forex industry players have been urged to strictly adhere to the applicable market guidelines and regulations.

Below is the notice:

ALSO READ:

• Bank of Ghana Act to be revised under IMF programme

• Bank of Ghana warns against cedi bouquets, hampers