Bank of Ghana clears Barclays Bank over forex incident

The central bank has revealed that it reached an agreement with Barclays Bank, which was on Monday fined for breaching some forex trading conduct.

Bank of Ghana clears Barclays Bank over forex incident
Dr Addison - Governor of the Bank Of Ghana

The central bank has revealed that it reached an agreement with Barclays Bank, which was on Monday fined for breaching some forex trading conduct.

Bank of Ghana earlier in the week fined the Barclays Bank GHC4.6 million for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market.

But a statement the banking regulator issued on Thursday evening stated that it has since engaged Barclays Bank Ghana Ltd and the matter has now been resolved.

“The Bank of Ghana would want to remind the general public that this action does not suggest Barclays Bank Ghana Ltd. is not in good standing.

The Bank of Ghana would also like to assure the general public that Barclays Bank Ghana Ltd. is solvent, well-capitalized and remains in good standing,” the statement added.