Bank of Ghana directs forex bureaus to stop publicly advertising exchange rates, forms a task force to monitor compliance, and works with banks to streamline documentation for foreign payments.

Bank of Ghana (BoG) directs forex bureaus to stop advertising exchange rates publicly, forms a task force to monitor compliance and eliminate illegal operators. The move aims to instill sanity in the foreign exchange market and curb speculation about the cedi's performance against major trading currencies. BoG is working with Ghana Association of Banks to streamline documentation requirements for foreign payments, reducing incentives for informal markets.

May 27, 2024
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