The Bank of Ghana (BoG) for its forex forward rates auction held on Tuesday, June 29, rejected a total of $67.25 million bids submitted by banks, importers, exporters and other persons and businesses that have need of the greenbuck for their transactions.
The rejected $67.25 million was out of a total $92.25 million submitted by the buyers – banks, importers and exporters.
The Central Bank only accepted $25 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 $52.7 million of which the BoG accepted $10.5 million.
Must Read: Jubilee Field: Tullow Oil drills two more wells
For the 15 day, 30 day and 45 day tenors, bids made totaled $29.5 million, $8 million and $2 million respectively.
The BoG, for the 15 day, 30 day and 45 day tenors accepted bids totaling $10 million, $4 million and $500,000 respectively.
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.
