Forex licenses of Fidelity Bank, First National Bank restored

The Bank of Ghana (BoG) has restored the forex licenses of Fidelity Bank and First National Bank.

The Central Bank had temporarily suspended the two financial institutions for breaching some sections of the Ghana Interbank Forex Market Conduct rules, according to the Bank of Ghana (BoG).

Fidelity Bank and First National Bank were fined a combined 1000 penalty points each and barred from forex trading for 30 days from today, June 29 to July 28, 2023.

But the Bank of Ghana has eased the sanctions allowing the banks to resume forex trading before the expiration of the suspension.

“The two banks have already had their licenses restored two weeks ago. We reduced the punishment by half, so they didn’t go through the full month. They were suspended for only two weeks, so they have been back in the market for some time now”, Govenor of the Bank of Ghana, Dr. Ernest Addison told the media.

Source: Citi Business News