Audio By Carbonatix
The Bank of Ghana (BoG) is set to auction $715 million in Forward Foreign Exchange Auctions throughout 2020.
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:
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.
Latest Stories
-
Amin Adam calls for review of fuel taxes as Diesel prices remain above GH¢18
7 minutes -
World Vision Ghana, Ahafo districts sign MoU for universal WASH coverage
36 minutes -
When the gold engine stutters: What Ghana’s Cedi and reserves are telling us about the new economic architecture
54 minutes -
Two reportedly die after being trapped in mining pit at Juaboso
1 hour -
Petrosol cleans up Wa Municipal Hospital, to donate medical equipment
1 hour -
KiDi brings the hits to London in sold-out UK headline concert
2 hours -
The last goodbye of Ghanaian shot dead in the US
2 hours -
MCC opens door to Ghana again as MiDA revives development partnership
2 hours -
CSIR moves to turn scientific research into jobs, national growth
2 hours -
More patrons troop in as 3rd Republic Bank-JoyNews Habitat Fair clinic enters final day stretch
2 hours -
‘If NPP was ‘insensitive’ over fuel prices, NDC must accept same description now’ — Amin Adam
2 hours -
German, Russian foreign ministers hold rare talks amid rising tensions
2 hours -
Gov’t to develop policy for Ghanaian Sign Language in education
3 hours -
Accra Academy defend ODADEƐ ’90 5-a-side title
3 hours -
Ghana risks EU gas market access over methane emissions – Expert warns
3 hours