Bog imposes new forex rules

Choose a package that suits your needs. According to the BoG, foreign exchange purchased for the settlement of import bills would be credited to a margin account that would be operated and managed by the bank on behalf of the importer nea a period not exceeding 30 days. FEATURED STORY African Pentecostalism Has Given Birth To A New Breed Of Mentally Lazy Chri It is very important to carefully examine the trading performance before subscribing a signals provider or trade copying service. Box GP Accra. Public Utilities and Regulatory Commission. The operators are also expected to keep electronic records of all purchases and sales that will include the name of the customer, the date of transaction, forexx amount purchased or sold and proof of identity, such as a passport, a voter's or national ID or a driving gules.

The Bank of Ghana BoG has announced additional measures to shore up the cedi against ozforex address major foreign currencies. It has also directed that no bank should grant a foreign currency-denominated loan or foreign foreex facility to a customer who is not a foreign exchange earner. The central bank has also prohibited offshore foreign deals by resident companies, including exporters in the country.

Currencies bog imposes new forex rules have been chaotic since the beginning of the year. The Argentine peso, the Turkish lira and the South African rand have been tumbling since January,but the drop in the value rulew the cedi is causing some investor scare. Among other measures by the BoG to halt the fogex of the cedi are the prohibition of transfers from one currency-denominated account to another and the requirement that transfers outside Ghana from foreign exchange and foreign accounts be supported by relevant documentation.

According to the BoG, foreign exchange purchased for the settlement of import bills would be credited to a margin account that would be operated and managed by the bank on behalf of the importer for a period not exceeding 30 days. The new regulations also require forex bureau operators to computerise their bot by adopting the certified softwares approved forex strategy youtube the BoG by April 30, They are also to submit monthly returns electronically to the BoG within five working days after the end of rkles month, with no manual returns being accepted after April 30, The central bank has warned that failure to comply with the directives shall attract penalties, including pecuniary sanctions, suspension and revocation of licence, in accordance with the Foreign Exchange ActAct That, the bank said, was part of measures to modernise, enhance and address anti-money laundering issues.

The bank also directed exporters to collect and repatriate all the proceeds of their bog imposes new forex rules to their local banks within 60 days bg shipment. According to the central bank, five days upon receipt of the export proceeds, commercial or local banks were required to convert the proceeds into Ghana cedis based on the average interbank foreign exchange rate prevailing on the day of the conversion, with a spread not exceeding pips.

The BoG advised exporters with retention accounts to continue operating them in accordance with their ru,es agreements. The bank also warned that failure to comply with the directives would result in sanctions, jail terms, suspension and bg of operating licences. Graphic Communications Group Limited. No 3 Graphic Road. Box GP Accra. BoG bpg new forex rules to stabilise cedi against major currencies.

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Saving the cedi: BoG imposes new forex rules. Source: Graphic Online. Previous; Next ;. BoG IMPOSES NEW FOREX RULES TO STABILISE CEDI AGAINST MAJOR CURRENCIES The Bank of Ghana (BoG) has announced additional measures to. Trade Forex on thinkorswim. No Hidden Fees or Trade Mins!.

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