BoG to auction US$715m in 2020 December 29, 2019 1 Shares

Lorlornyofm
By Lorlornyofm January 1, 2020 10:54

BoG to auction US$715m in 2020 December 29, 2019 1 Shares

Bank of Ghana to auction US$715 million in 2020

 

The Bank of Ghana will auction US$715 million in Forward Foreign Exchange Auctions in the whole of 2020.

The months with the expected highest auctions of US$80 million each are January, February and March 2020.

In accordance with the Foreign Exchange Forward Auction guidelines issued on the 23 September 2019, the Bank of Ghana said bids are invited as per the prescribed format to purchase/sell US dollar against Ghana cedi separately on each auction date.

The move to auction such an amount of US dollars is expected to help arrest, to some extent, the perennial depreciation of the cedi.

Following recent trends, the cedi is expected to depreciate by about 13% to the US dollar in 2019.

The Bank of Ghana, 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 Authorised Foreign Exchange Dealer Banks were 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. 

 

Source: Classfmonline.com

 
Lorlornyofm
By Lorlornyofm January 1, 2020 10:54
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment
View comments

Write a comment

Your e-mail address will not be published.
Required fields are marked*

*

Recent Comments

  • Oxygen

    Oxygen

    Yeah I think it is time the government officials start accounting for their deeds. They cannot just come into power…

    View Article
  • Sammy the VIRUS

    Sammy the VIRUS

    In my estimation,I believe the average man in his quest to satisfy his libido will stop at nothing to have…

    View Article
  • Sammy the VIRUS

    Sammy the VIRUS

    There is this maxim within our local circles that says a man who works at Barkleys bank does not collect…

    View Article