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Commercial Banks Free To Import Foreign Currency
 
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30-Jul-2014  
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Dr. Kofi Wampah
 
 
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Commercial banks can now import dollars, pounds and other international currencies for their operations.

This follows the Bank of Ghanas decision to lift the ban on importation of foreign exchange by commercial banks last week.

Governor of the Central Bank, Dr. Kofi Wampah, told Joy Business the move is part of measures to improve supply of dollars on the market and possibly help stabilize the falling Ghana cedi.

It doesnt mean that Bank of Ghana has stopped what it is doing. We will still be there to provide additional forex if needed by the banks, he said.

The Governor maintained that this would also help correct the current situation, where most of the commercial banks quote their own exchange rates.

In February this year, the central bank announced measures aimed at shoring up the cedi against the major foreign currencies.

As part of the measures, it banned commercial banks and other financial houses from importing forex, issuing cheques and cheque books on foreign exchange accounts (FEA), as well as foreign currency accounts (FCA).
 
 
 
Source: Daily Guide
 
 

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