Central Bank declines 55% of $165 million bids made in forex auction
The Bank of Ghana (BoG) for its forex forward rates auction held on Tuesday, September 7, rejected a total of $90.5 million bids submitted by banks, importers, exporters and other persons and businesses that have need of the American dollar for their transactions.
The rejected $90.5 million was out of a total $165.5 million bids submitted by the buyers – banks, importers and exporters and other businesses.
The Central Bank 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 $84.75 million of which the BoG accepted $32.75 million.
For the 15 day, 30 day and 45 day tenors, bids made totaled $59.75 million, $18 million and $3 million respectively.
The BoG, for the 15 day, 30 day and 45 day tenors accepted bids totaling $24.75 million, $14.5 million and $3 million respectively.
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No bids were made for the 60 day and 75 day tenors.
The BoG has for this year set aside some $775 million for its forex forward auction programme.
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.
Peruse details of the forex forward auction below:
Fx Forward Auction Result No 0049 by Fuaad Dodoo on Scribd
