The Bank of Ghana (BoG) is set to auction $715 million in Forward Foreign Exchange Auctions throughout 2020.
January, February and March 2020 are the months with the highest expected auctions of $80 million each.In accordance with the Foreign Exchange Forward Auction guidelines issued on September 23, 2019, the central bank said bids are invited as per the prescribed format to purchase/sell US dollar against Ghana cedi separately on each auction date.
The decision to auction such an amount of US dollars is expected to help salvage the perennial depreciation of the cedi. Meanwhile, the cedi is predicted to depreciate by about 13% to the US dollar in 2019. BoG in October, began a Foreign Exchange Forward Rate Auction limited to 7-day, 15-day, 30-day, 45-day, 60-day and 75-day tenors. In addition to the auction guidelines, all Authorized Foreign Exchange Dealer Banks are to comply with the provisions of the Code of Conduct for the Interbank Foreign Exchange market in Ghana. Since the introduction Foreign Exchange Forward Rate Auction, it has been recording a significant oversubscription.DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
We need more resources to deal with possible flooding – NADMO
2 mins -
We’ll not contest in Ejisu by-election – CPP tells EC
19 mins -
Thomas Partey makes first start in 2024 as Arsenal hit Chelsea for 5
1 hour -
Fatawu Issahaku scores hattrick as Leicester thrash Southampton
2 hours -
I was never interested in fame – Kofi Sarpong
2 hours -
CPP files injunction to halt Ejisu by-election
3 hours -
GRA clarifies status of resident individuals for tax purposes
3 hours -
Minority criticises Energy Minister for lack of leadership amid ‘dumsor’
3 hours -
Ghana’s cocoa farmers lament low earnings amid high prices
5 hours -
Rainstorm caused power outages in Greater Accra Region – ECG
5 hours -
KODA’s family requests for privacy ‘to mourn and heal’
5 hours -
Dumsor: Lack of sleep affecting workplace productivity
5 hours -
Kofi Adu Domfeh writes: When roads are constructed to kill
5 hours -
CAF Confederation Cup semi-final: We have the advantage – John Antwi
6 hours -
I hope that we’ll find a miracle – Céline Dion details Stiff Person Syndrome diagnosis
6 hours