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Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.
The Bank of Ghana (BoG) is set to inject up to US$1 billion into the market in November under its revised Foreign Exchange Market Intermediation Programme.
The initiative could see the Central Bank auction about US$300 million twice a week in November to licensed commercial banks on a spot basis.
This was contained in a notice to dealers and traders of participating commercial banks.
The Bank of Ghana stated that subsequent monthly volumes will be determined based on prevailing market conditions.
It added that the Bank remains firmly committed to transparency in its operations and will continue to disclose all relevant information regarding its foreign exchange activities, including FX intermediation and intervention.
Source: newsthemegh.com