CBG resumes foreign exchange transactions
Consolidated Bank Ghana (CBG) has announced commencement of foreign exchange transactions at all branches.
The Bank in a press statement issued in Accra on Monday, said the resumption followed the restoration of its foreign currency trading licence by the Bank of Ghana (BoG).
The statement said over the past weeks, the Bank had worked closely with the regulator, to address all regulatory requirements, resulting in the restoration of the foreign currency trading licence.
“Customers can now access our comprehensive foreign exchange services, including buying and selling of foreign currencies, at all CBG branches nationwide. We regret any inconvenience the suspension may have caused to our valued customers and deeply appreciate your patience and continued trust,” the statement revealled.
The statement again stated that, “At CBG, we value all our stakeholders and remain committed to providing our cherished customers with simple, secure and differentiated banking experience, while ensuring regulatory compliance.”
Last month, the BoG announced suspension of the Foreign Exchange Trading Licence of CBG for a period of one month, in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).
The holdup, BoG said, was “as a result of a number of breaches of the foreign exchange market regulations,” adding that the licence would be restored “at the end of the one-month suspension period” once it was satisfied that CBG had “put in place effective controls to ensure strict adherence to the foreign exchange market regulations.”
BY TIMES REPORTER