The Central Bank for the forex forward rates auction held on Tuesday, June 1, 2021, accepted $25 million bids submitted thereby rejecting bids amounting to some $51.5 million.
The $25 million accepted bids were out of some of $76.5 million bids made by the various banks at auction.
The bids were made for the 7 day, 15 day, 30 day, 45 day, 60 day and 75 day tenors.
Total bids submitted for the 7 day tenor amounted to $41 million of which the Bank of Ghana (BoG) accepted $14 million.
For the 15 day, 30 day and 45 day tenors, bids made totaled $23.5 million, $8.25 million and $3.25 million respectively.
The BoG, for the 15 day, 30 day and 45 day tenor accepted bids totaling $6.5 million, $4 million and $500,000 respectively.
No bids were made for the 60 day and 75 day tenors.
The BoG has for this year set aside some $775 million for its forex forward auction programme.
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 importers and exporters.