Forex Rates: Central Bank clarifies that indicative rates are not transactional rates
The Bank of Ghana has come out in defense of its daily publication of foreign exchange rates, which have come under criticism for not reflecting current retail market rates.
Speaking at a Public Accounts Committee meeting, First Deputy Governor, Dr. Maxwell Opoku Afari, explained that the rates published by the central bank are only indicative and not transactional.
He noted that these indicative rates are based on average rates collected from commercial banks at the end of the previous day and take into account transaction volume.
However, there is a significant margin between the indicative and transactional rates, Dr. Opoku Afari added.
The Bank of Ghana’s aim in publishing foreign exchange rates is to provide information to the public, he concluded.
