CBG resumes foreign exchange operations following BoG suspension

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CBG resumes forex trading after 2-year suspension to boost economy.

Resumption of Foreign Exchange Trading Operations

The BoG had suspended CBG’s forex trading license in 2020 due to concerns over the bank’s ability to manage its foreign exchange reserves effectively. The suspension was intended to ensure the stability of the country’s foreign exchange market. However, the bank has since taken steps to address these concerns and has demonstrated its ability to manage its foreign exchange reserves responsibly.

Key Developments

  • CBG has implemented a new foreign exchange management system to improve its ability to manage its foreign exchange reserves. The bank has also strengthened its risk management framework to minimize the risk of foreign exchange market volatility. CBG has engaged with the BoG to ensure that its foreign exchange trading operations are aligned with the central bank’s regulatory requirements.

    A New Era of Foreign Exchange Services

    The restoration of the foreign currency trading licence is a significant development for CBG, marking a new era of foreign exchange services for its customers.

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