Business Information of Monday, 30 December 2019
The Lender of Ghana will auction US$715 million in Ahead Overseas Trade Auctions in the complete of 2020.
The months with the expected optimum auctions of US$80 million every single are January, February and March 2020.
In accordance with the Overseas Exchange Forward Auction rules issued on the 23 September 2019, the Bank of Ghana reported bids are invited as per the prescribed structure to purchase/market US greenback in opposition to Ghana cedi independently on each auction date.
The shift to auction these an volume of US bucks is anticipated to support arrest, to some extent, the perennial depreciation of the cedi.
Pursuing latest trends, the cedi is anticipated to depreciate by about 13% to the US dollar in 2019.
The Lender of Ghana, in Oct, commenced a International Trade Ahead Rate Auction minimal to 7-working day, 15-day, 30-working day, 45-day, 60-working day and 75-day tenors.
In addition to the auction guidelines, all Authorised Foreign Trade Supplier Banks were to comply with the provisions of the Code of Conduct for the Interbank International Trade industry in Ghana.
Because the introduction International Exchange Forward Amount Auction, it has been recording a important oversubscription.