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Bank of Ghana clarifies sanction on Access Bank
Posted on: 29-Aug-2012         Source: myjoyonline.com
The Bank of Ghana has explained its recent ban on Access bank does not totally prevent the commercial bank from engaging in foreign exchange business.

Sources close to the Central Bank maintain that the suspension rather only bars Access Bank from engaging in new foreign exchange transaction or issue new letters of credit.

This means Access Bank can undertake foreign exchange business it has already secured.

The Bank can also receive inflows into account with correspondent banks on behalf of customers and receive settlements for money transfers into accounts with correspondent banks.

The issuance of foreign currency-denominated drafts at the request of depositors or in settlement of outstanding transactions is also allowed.

Access Bank has been suspended from trading in the foreign exchange business for six months for breaching the country’s exchange laws.

The bank was said to have transferred without necessary documentation, over 10 thousand dollars on behalf of an individual who was not a customer.

Meanwhile, JOY-BUSINESS has gathered Access Bank has been directed to reverse the transaction. This is one of the three conditions the bank has been given to have the six month ban reviewed.