Tag: dollar auction
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Stopping dollar auction: Currency analysts demand stable FX market
Currency analysts are impressing on the Bank of Ghana to intensify its efforts to stabilize the forex market and help forecasting in the market. It follows the central bank’s decision to halt the auction of dollars to banks in a bid to address the depreciation of the cedi. Governor of the Bank of Ghana Dr.…
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Cedi depreciates by 5 percent in March – BoG report
Latest figures by the Bank of Ghana have shown that the cedi’s depreciation against the dollar for March 2017, is five times more than the rate of depreciation recorded in the same period in 2016. The cedi has depreciated from 0.9 to 5 percent within the twelve months period. Also, in March 2017, the local…
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Cedi depreciation: BoG defends 120 million dollars auction
The Bank of Ghana (BoG) has justified its 120 million dollars auction for the first quarter of this year to control the depreciation of the cedi. The central bank maintains that the move forms part of measures to protect the forex market from any shocks due to the volatility of the market. “We shall continue…
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Cedi depreciates slightly after dollar auction
Some bank treasuries are anticipating a relative stability of the cedi in the short to medium term following the Bank of Ghana’s auctioning of dollars to commercial banks. According to them, the depreciation may either drop slightly or remain stable in relation to other major currencies. On Thursday, the cedi depreciated slightly and hit the…
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Dollar auction will be productive if … – CAL Bank MD
The Managing Director of CAL Bank, Frank Adu Junior, has called for a proper assessment of the Bank of Ghana’s new process of releasing dollars to banks through auctioning. The Central Bank, on Wednesday [November 30th], commenced the auctioning of dollars to banks through a bidding processing targeted at stabilizing the cedi. The Bank of…
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Dollar auction may least control cedi depreciation – Economist
As the Bank of Ghana prepares to commence its first dollar auction to banks through a competitive bid, some financial observers have stated that the regulations guiding the process may put excess pressure on the banks. “You could clearly that the move by the central bank is to try to influence the banks’ rate in…