[ 2012-07-03 ]

We did not direct banks to charge on FCA's - Bank of Ghana
The Bank of Ghana has conceded that its latest
policy measures have resulted in commercial banks
imposing charges on Foreign Currency Accounts,
FCA’s.

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 charges.
Second Deputy Governor, Milison Narh tells
JOYBUSINESS they are engaging the banks to ensure
the directive does not discourage depositors from
putting their monies in the banking system.

“We must address the issue appropriately - that it
is as the result of the policy measures in terms
of transmission to pricing and not to say the
Central Bank had given a directive to that effect.
And its also important to know 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 remember
and so if by virtue of yur pricing regime you’re
going to lose customers, then I think the various
managemnet would re-consider their policy stance”
he added.

Source - Joy News

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