Bank of Ghana offers $25 million to forex dealers in April auction

The Bank of Ghana (BoG) accepted $25 million in bids in its latest auction of forex.

Dollars

This is a 31.74% of the total amount of $78.75 million that forex dealers bid for.

A report by the BoG in controlling the supply of the dollars said they received 108 bids in the latest forex auction which was done on Tuesday [April 7, 2020].

The report indicated that the highest number of bidders (53) were dealers seeking foreign currency within the next seven days.

The second highest was dealers who needed foreign currency in the next fifteen days with 29 bidders.

There was one bid each for dealers who require dollars within the next two months or more.

The Central Bank offered prices higher for the minimum bids quoted by the dealers but offered relatively lower prices for the maximum bids quoted by the dealers.

For example, bidders for the seven days quoted a minimum price of GHC5.50pesewas and a maximum price of GHC5.77 pesewas.

But the BoG offered a minimum price of GHC5.68 pesewas and a maximum price of GHC5.72 pesewas.

The total amount of bids that were classified as invalid was $2 million. They were invalid because they did not meet the guidelines.

The central bank introduced this forward auction of forex to control the amount of foreign currency in circulation.

The Central Bank said this is to prevent the recurrent depreciation of the cedi.

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