We didn’t direct banks to charge on FCAs – BoG

The Bank of Ghana has conceded that its latest policy measures have resulted in commercial banks imposing charges on Foreign Currency Accounts (FCAs).
Some banks have started passing on to depositors the cost they incur in managing the foreign accounts. This is response to the directive for the banks to keep nine percent of their dollar deposits in cedis at the Central Bank. The Central Bank has, however, denied directing banks to impose any such charges.
Second Deputy Governor, Milison Narh told JOYBUSINESS that they are engaging the banks to ensure the directive does not discourage people from putting their monies in the banks.
“We must address the issue appropriately – it is as the result of the policy measures in terms of transmission to pricing, and not to say the Central Bank has given a directive to that effect.

“And it’s also important to know it is not all banks that are charging on FCA’s. It will be important to know the Central Bank has regular meetings with the heads of the banks and we have a meeting coming up, and we will take up this matter” he noted.
“And we are in a competitive environment where by virtue of your pricing regime, you’re going to lose customers, then I think the various managemnet would re-consider their policy stance,” he added.

Source: Joy Business

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