Business News of Monday, 30 December 2019Source: www.citibusinessnews.comBoG to auction US$715 million in 2020 to fight cedi depreciationBoG will have the highest auction of US$80 million each in January, February and MarchThe Bank of Ghana (BoG) is set to auction US$715 million in Forward Foreign Exchange Auctions for the year 2020. Per the schedule released by the Bank of Ghana, the central bank will have the highest auction of US$80 million each in January, February and March 2020. The Bank of Ghana, in October, began a Foreign Exchange Forward Rate Auction limited to 7-day, 15-day, 30-day, 45-day, 60-day and 75-day tenors. In addition to the auction guidelines, all Authorised Foreign Exchange Dealer Banks were to comply with the provisions of the Code of Conduct for the Interbank Foreign Exchange market in Ghana. Since the introduction of Foreign Exchange Forward Rate Auction, it has been recording a significant oversubscription.

Source: GhanaWeb December 30, 2019 12:45 UTC