The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN).
The suspension of the licences of these banks is effective 18th March 2024, for one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
A statement issued by the Central Bank indicated that the licenses of the banks were suspended due to various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.
The licence will be restored at the end of the one-month suspension period once it is satisfied that the Banks have put in place effective controls to ensure strict adherence to the foreign exchange market regulations, the BoG added.
Meanwhile, the BoG has cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
By: Rainbowradioonline.com/Ghana
