The Bank of Ghana (BoG) has sanctioned Fidelity Bank and First National Bank Ghana Limited, imposing a combined 1000 penalty points each.

According to the BoG, the punishment has been handed to the banks after they breached sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.

Forex licences of the banks have also been revoked by the BoG, for a period of 30 days, beginning June 29, 2023, until July 28, 2023.

The Central Bank further cautioned all forex market stakeholders including banks, forex bureaus, forex brokers, and money transfer operators (MTOs) to adhere strictly to the applicable forex market regulations and guidelines.

Sompaonline.com/Nana Yaw Boamah