BoG meets $50m target in 30-day tenor forex auction to BDCs
The Central Bank achieved its forex forward auction target of $50m in the sale of the US dollar to Bulk Oil Distribution Companies (BDCs) in the country.
The 30-day tenor $50m forex auction by the BoG was subscribed by 28 BDCs who through their banks submitted bids ranging from $7.82 to $8.10.
The BoG’s forex forward rate for the auction was $7.97.
With the exclusive forex forward auction to BDCs by the BoG, prices of imported fuel at the pumps is expected to witness some stability – this is however not the case as prices of fuel has been on the rise since January this year.
According to the BoG, the forward auctions is intended to minimise the uncertainty of the future availability of forex and aid price discovery especially for the general pricing window within the downstream sector.
Bdcs Fx Forward Auction Result No 0008 1 by Fuaad Dodoo on Scribd
