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Banking and Finance

BoG rejects $122.5 million bids in forex auction

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forex auction, BoG

The Bank of Ghana for the forex forward rates auction held on Tuesday, June 14, 2021, accepted $50 million bids submitted thereby rejecting bids amounting to some $122.5 million.

The $50 million accepted bids were out of some of $172.5 million bids made by the various bidders at the auction.

This represents some 41 bids accepted out of the 163 total bids made, with the bid cover ratio being 3.45 times.

Bids were made for the 7 day, 15 day, 30 day, 45 day and 60 day tenors.

Total bids submitted for the 7 day tenor amounted to $85.25 million of which the Bank of Ghana (BoG) accepted $21 million.

For the 15 day, 30 day, 45 day and 60 day tenors, bids made totaled $55.75 million, $24 million, $3.5 million and $4 million respectively.

Bids accepted by the BoG for the 15 day, 30 day, 45 day and 60 day tenors were $16.5 million, $8 million, $2.5 million and $2 million respectively.

No auction bids were made for the 75 day tenor.

The BoG’s forex forward auction programme is to help govern the conduct of forex auctions on the interbank foreign exchange market, deepen the forex market and reduce uncertainty on the future availability of dollars to meet the forex need of banks, importers, exporters and other businesses.

 

 

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