{"id":313019,"date":"2017-04-22T13:28:18","date_gmt":"2017-04-22T13:28:18","guid":{"rendered":"http:\/\/citifmonline.com\/?p=313019"},"modified":"2017-04-22T13:28:18","modified_gmt":"2017-04-22T13:28:18","slug":"bog-cancels-auctioning-of-dollars-to-banks-2","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/04\/bog-cancels-auctioning-of-dollars-to-banks-2\/","title":{"rendered":"BoG cancels auctioning of dollars to banks"},"content":{"rendered":"

The Bank of Ghana(BoG) has cancelled the auctioning of dollars to banks in the country.<\/p>\n

The central bank in January this year announced plans to release $120 million onto the market for the first quarter of this year as part of its plan to help stabilize the cedi.<\/p>\n

The auction which was restricted to licensed foreign exchange dealing banks was scheduled for \u00a0$40 million in January, February and March this year, totaling\u00a0$120 million.<\/p>\n

But the Governor of the Bank of Ghana, Dr. Ernest Addison confirmed to Head of Business Desk at Citi FM, Vivian Kai Lokko at the sidelines of the Spring Meetings in Washington D.C that the auctioning of dollars ceased in March.<\/p>\n

He explained that the last auction for March was suspended.<\/p>\n

\"Dr.
Dr. Ernest Addison \u2013 BoG Governor<\/figcaption><\/figure>\n

Meanwhile in its recent Mission Concluding Statement, the International Monetary Fund(IMF) stated that \u201c\u00a0There is a pressing need to develop a coherent and transparent foreign exchange (FX) policy\u201d.<\/p>\n

\u201cThe authorities are of the view that the FX auctions have not worked well, and as result the last auction was canceled. In the mission\u2019s view, the FX auctions, if properly implemented, will help increase transparency and price discovery in the market.\u201d The statement explained.<\/p>\n

The fund further urged on the BoG to continue its efforts to develop and deepen the FX market, building on progress achieved last year when surrender requirements for gold and cocoa export proceeds were eliminated and FX auctions were introduced<\/p>\n

\u201cFor the IT framework to be fully effective, the BoG\u2019s FX intervention policy should be limited to smoothing exchange rate volatility rather than supporting directly the value of the cedi\u201d it said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Ghana(BoG) has cancelled the auctioning of dollars to banks in the country. The central bank in January this year announced plans to release $120 million onto the market for the first quarter of this year as part of its plan to help stabilize the cedi. The auction which was restricted to licensed […]<\/p>\n","protected":false},"author":14,"featured_media":258999,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[793,6435,6436],"yoast_head":"\nBoG cancels auctioning of dollars to banks - Citi 97.3 FM - Relevant Radio. 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