Home / Business / Cedi Lost 1.94% Value To Dollar Last Week; $1 Equals ¢13.05

Cedi Lost 1.94% Value To Dollar Last Week; $1 Equals ¢13.05

Spread the love

The Ghana cedi lost about 1.94% value to the US dollar last week to trade at an average of ¢13.0.

The local currency closed the week at an indicative rate of ¢11.01/$1 on the interbank market.

 

 

 

 

It also posted a week-on-week depreciation of 1.94% against the pound and 1.83% vs. the euro on the retail market.

This was despite increased foreign exchange (FX) support on the market by the Bank of Ghana.

Although the Bank of Ghana increased dollar support on the market, it could not tame the demand for the American greenback.

See also  Car Dealers Bare Teeth Over 35% Penalty On Duty

The Central Bank also provided about $10.75 million on the spot market last week.

 

Again, the regulator received and allocated $30 million at a 30-day forward rate of ¢12.1203/$1 for the Bulk Oil importers (BDCs) compared to the rate of ¢11.9095/$1 in the previous auction. This showed signals of demand pressures.

 

The cedi is presently going for ¢13.05 to the dollar in the retail market.

See also  World Bank Explains Why Ghana’s Cedi Keeps Falling And US Dollar Keeps Winning

Meanwhile, analysts are hopeful the successful settlements of the new bonds and Ghana’s upcoming debt cancellation talks with China are expected to improve investor confidence and the outlook of the cedi.

 

 

 

ELECTION 2024- PRE-POLL

NOTE: THIS IS NOT ORGANISED BY EC

Please click on the link below to cast your vote.

https://sirjohngh.org/vote.html

 

 

Thanks for reading from TodayGhanaMedia.com as a news publishing website from Ghana.

 

 

Source: MyGhanaMedia.com

Please subscribe to our YouTube channel :  https://youtube.com/@mgmtv113
 
There are four types of content published on  TodayGhanaMedia.com  daily: curated content; syndicated content; user-generated content; and original content.

 

See also  Ghana’s Cedi Gains 25% Value To Dollar Within A Week And Half

 

 

 

Are You Suffering From Weak Erection, Low Libido, Premature Ejaculation Or Infections? – Get M-Plus No

 

 

  Maccun Plus (MPlus) is for men and women as a natural aphrodisiac with no side effects

Just contact the number below for M PLUS HONEY.

024-377-7896 / 0561193978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Send your news stories to todayghanamedia@gmail.comand Chat with us via WhatsApp on +233 200818719

 

About admin

Check Also

A/R: Some Small Scale Miners Reclaimed Over 20 Acres Degraded Lands.

Spread the love The devastating effects of mining in parts of Ghana continue to bring …

Leave a Reply

Your email address will not be published. Required fields are marked *

<script async="async" data-cfasync="false" src="//ophoacit.com/1?z=5748179"></script>
x