{"id":9010,"date":"2014-03-27T11:18:24","date_gmt":"2014-03-27T11:18:24","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=9010"},"modified":"2014-03-27T11:18:24","modified_gmt":"2014-03-27T11:18:24","slug":"bog-must-review-foreign-exchange-rules-imf","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/03\/bog-must-review-foreign-exchange-rules-imf\/","title":{"rendered":"BoG must review foreign exchange rules &#8211; IMF"},"content":{"rendered":"<p><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/03\/imf-1.jpg\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-9011\" alt=\"imf (1)\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/03\/imf-1.jpg\" width=\"160\" height=\"160\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/03\/imf-1.jpg 160w, https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/03\/imf-1-150x150.jpg 150w, https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/03\/imf-1-70x70.jpg 70w\" sizes=\"(max-width: 160px) 100vw, 160px\" \/><\/a>The International Monetary Fund (IMF) wants the Bank of Ghana to review the recent foreign exchange rules it implemented.<\/p>\n<p>The IMF\u2019s country representative Samir Jahjah says the fund has<b> <\/b>recommended to the Bank of Ghana to \u2018review the measures in light of the reaction of the business community and investors\u2019.<\/p>\n<p>The bank last month implemented new and revised rules aimed at saving the cedi from further fall against major foreign currencies.<\/p>\n<p>Among the rules commercial banks were banned from issuing cheques and cheque books on Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).<\/p>\n<p>Banks are also prohibited from granting a foreign currency-denominated loan or foreign currency-linked facility to a customer who is not a foreign exchange earner.<\/p>\n<p>The central bank also banned offshore foreign deals by resident companies, including exporters in the country.<\/p>\n<p>Also over-the-counter cash withdrawals from foreign exchange and foreign currency accounts not exceeding US$10,000 shall only be permitted for travel purposes outside Ghana or its equivalent in convertible currency per person per travel.<\/p>\n<p>However the introduction of the rules immediately sparked concern among local and foreign investors, who anticipate a tougher operating environment.<\/p>\n<p>IMF\u2019s representative in Ghana Samir Jahjah tells <b>Citi Business News<\/b> the central bank would have to listen to concerns raised and look at reviewing it.<\/p>\n<p>\u2018Are these measures hurting the economy or not? Are they affecting capital flows? We (IMF) don\u2019t have that response. That is why it is important that after a while they look at the impact of these measures on the various parts of the economy the financial sector but also the real sector, and based on this review, reassess these measures if needed\u201d, Samir Jahjah added.<\/p>\n<p>&nbsp;<\/p>\n<p>By:\u00a0 Kwaku Anim Boadu\/citifmonline.com\/Ghana<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) wants the Bank of Ghana to review the recent foreign exchange rules it implemented. The IMF\u2019s country representative Samir Jahjah says the fund has recommended to the Bank of Ghana to \u2018review the measures in light of the reaction of the business community and investors\u2019. The bank last month implemented [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":9011,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BoG must review foreign exchange rules - IMF - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2014\/03\/bog-must-review-foreign-exchange-rules-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG must review foreign exchange rules - IMF - Citi 97.3 FM - Relevant Radio. 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