The sports category has moved to a new website.

Forex Forward Sale: Bank of Ghana increases sales by 60%, here’s why

The Bank of Ghana (BoG) has raised the monthly sale of foreign currencies (FX) by 60 percent in the first quarter of this year.

Dr Ernest Addison, Bank of Ghana Governor

This, according to the bank, is aimed at helping contain the increased demand for those currencies within that period of the year.

The central bank is hopeful that the front-loading of the auctions in between January and March this year will help narrow the gap between peak demand and supply of FX and reduce the pressure that volatile demand poses to the cedi in the first quarter.

The decision to increase the amount to be auctioned was also in response to “significantly higher” demand for the FX than previously anticipated.

The Head of Financial Markets at BoG, Mr Steven Opata, said following the move.

ADVERTISEMENT

“Based on the forward auction performance in 2019, it was observed that demand was significantly higher than the published auction target on each auction,” he said.

Adding that “The bank, as such, decided to increase the auction target from $50 million monthly to $80 million in the first quarter in line with observed seasonal demand.”

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

10 African countries with the strongest military power in 2024

10 African countries with the strongest military power in 2024

ADVERTISEMENT