Central Bank rejects $131m bids made in FX auction
The Bank of Ghana (BoG) for its forex forward rates auction held on Tuesday, December 21, 2021, rejected a total of $131.95 million bids submitted by bidders for the US dollar.
The rejected $131.95 million was out of a total $171.95 million bids submitted by the buyers.
The Central Bank, out of the total bids made only accepted $40 million.
The bids were made for the 7 day, 15 day, 30 day, 45 day, 60 day and 75 day tenors.
Total bids submitted for the 7 day tenor amounted to $91.2 million of which the BoG accepted $20.5 million.
For the 15 day, 30 day and 45 day tenors, bids made totaled $52.75 million, $19.5 million and $7 million respectively.
Bids made for the 60 day and 75 day tenors were $1 million and $500,000 respectively.
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The BoG, for the 15 day, 30 day and 45 day tenors accepted bids totaling $11.5 million, $4 million and $2.5 million respectively.
For the 60 day and 75 day, bids accepted by the Central Bank amounted to $1 million and $500,000 respectively implying that the Bank accepted all bids made for the short-term debt security.
The BoG’s forex forward auction programme is to help govern the conduct of forex auctions on the interbank foreign exchange market, deepen the forex market and reduce uncertainty on the future availability of dollars to meet the forex need of particularly importers and exporters.
Examine details of auction report below:
Memo Fx Forward Auction Result No 0059 by Fuaad Dodoo on Scribd
