• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home highlights

BoG Forex Auction: $102 million bids rejected by the Central Bank

4 years ago
in highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
85
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

BoG Forex Auction: $102 million bids rejected by the Central Bank

Some $102 million in bids made for the American greenback in a forex auction by the Bank of Ghana (BoG) on Tuesday October 19, has been rejected.

The rejected amount was out of a total $177 million bids submitted by banks, importers, exporters and other persons and businesses that have need of the American dollar for their transactions.

The Central Bank in rejecting the $102 million bids made only accepted $75 million out of the total bids made.

The bids were made for the 7 day, 15 day, 30 day and 45 day tenors.

Total bids submitted for the 7 day tenor amounted to $99.25 million of which the BoG accepted $44.5 million.

For the 15 day, 30 day and 45 day tenors, bids made totaled $53.5 million, $20.25 million and $4.5 million respectively.

RelatedPosts

Bright Simons Questions Policy Rationale Behind Communications Minister’s Demand for 30% DSTV Price Cut

Public Transport Fares to Rise by 20% From August 8 

Shipping Giant, Maersk ends Direct US Trade Route to Africa’s Largest Economy

The BoG, for the 15 day, 30 day and 45 day tenors accepted bids totaling $21.25 million, $7.75 million and $1.5 million respectively.

No bids were made for the 60 day and 75 day tenors.

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 importers and exporters.

Read: MPS commissions new Berth at Tema Port; the fourth in its port expansion project

Cedi expected to be relatively stable in Q4 2021

The cedi is expected by currency analysts to be relatively stable against the American greenback in the last quarter of 2021.

The anticipation of a relatively stable cedi is despite the expected pressures on the local currency as a result of high demand for the dollar by businesses for imports ahead of the Christmas festivities.

The local currency in the third quarter of this year posted a modest deprecation rate of 1.8% to the dollar, lower than the 2.96% depreciation rate recorded during the same period in 2020.

The 1.8% depreciation is the best performance achieved since 1992.

Senior Economic Analyst at Databank Research, Courage Martey, speaking in an interview on the stability of the cedi in the fourth quarter said, the local currency is well anchored despite some anticipated shocks.

“As we head into the final quarter of 2021, we are quite assured of continued relative stability but with a depreciation that will occur at a controlled or modest pace because already, we have a strong reserve buffer in excess of five months of import cover. And from October we should start to see the tranche disbursement of the $1.5 billion Cocoa Syndicated facility which will strengthen the cedi for the rest of this year. So generally, we are very positive about the cedi.”

“We do not expect that this inflow [cocoa syndicated loan] will translate into appreciation in the fourth quarter of this year. However, we think it will likely mitigate any potential shocks on the currency,” he remarked.

Meanwhile, the cedi, out of the Continent’s top 15 currencies has placed 9th after slipping from its previous position as the 8th best currency on the Continent.

In August, the cedi was ranked 8th among Africa’s top currencies with a depreciation of 1.30% to the US dollar. This was after it had appreciated against the American ‘greenback’ in the first six months of this year.

The Namibian dollar however dislodged the local currency from the 8th position after an improved performance against the American currency in September 2021.

Source: norvanreports
Tags: Bank of Ghana (BoG)BoG Forex Auction: $102 million bids rejected by the Central Bankcedighana
No Result
View All Result

Highlights

Africa’s Biggest Stock Exchange Considers Extending Trading to 24 Hours

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

Transfer DealSheet: Latest on Benjamin Sesko, Nicolas Jackson and More

Gov’t Targets 650,000 Tonnes of Cocoa Production for 2025/26 Crop Season, Eyes 1 Million Tonne Output in the Long-term 

Shoprite to Exit Ghana and Malawi Sharpening Focus on Core South African Market

Gold Fields Forecasts Total Gold Production of 2.4 Million Ounces for 2025

Trending

Features

Bright Simons Questions Policy Rationale Behind Communications Minister’s Demand for 30% DSTV Price Cut

August 5, 2025

Bright Simons Questions Policy Rationale Behind Communications Minister’s Demand for 30% DSTV Price Cut Renowned public policy...

Public Transport Fares to Rise by 20% From August 8 

August 5, 2025

Shipping Giant, Maersk ends Direct US Trade Route to Africa’s Largest Economy

August 5, 2025

Africa’s Biggest Stock Exchange Considers Extending Trading to 24 Hours

August 5, 2025

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

August 5, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.