Dollar auction oversubscribed by 350%
The Central Bank in its forex forward rates auction on Tuesday, May 31, exceeded its target of raising $50 million.
The Bank of Ghana (BoG), in the auction held accepted in total some $50 million in bids submitted by banks, importers, exporters and other persons and businesses that have need of the American dollar for their transactions.
The BoG however, rejected bids to the tune of $125 million made by buyers of the greenback.
The rejected $125 million was out of a total $175 million bids submitted by buyers.
Bids were made for the 7 day, 15 day, 30 day, 45 day and 60 day tenors.
Total bids submitted for the 7 day tenor amounted to $81.25 million of which the BoG accepted $12.75 million.
For the 15 day, 30 day and 45 day tenors, bids made totaled $56.75 million, $30.5 million and $3.75 million respectively.
The BoG, for the 15 day, 30 day and 45 day tenors accepted bids totaling $20.25 million, $14 million and $2.5 million respectively.
For the 60 day tenor, the BoG accepted $500,000 out of the $2.5m bids submitted.
No bids were made for the 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 banks, importers, exporters and other businesses.
Memo Fx Forward Auction Result No 0070 by Fuaad Dodoo on Scribd
