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Thursday, May 30, 2024

Interest rates remain unchanged for first time since January 1; government achieves 22% oversubscription –

Interest rates remained relatively the same for the first time since the beginning of the year.

This follows a rise in inflation in March 2024 to 25.8%.

The yield on the 91-day bill stayed the same at 25.73%.

That of the 182-day bill went down by 8 basis points to 28.14%.

However, the interest on the 364-day bill shot up to 28.74% from the previous 28.33%.

Going forward, it’s unclear whether interest rates will resume their falling spree.

Meanwhile, the government’s treasury bills were oversubscribed by 22.25% after two weeks of undersubscription.

The government got GH¢4.228 billion from the sale of the short-term instruments. This is compared with a target of GH¢2.459 billion.

About 85.2% of the bids tendered came from the 91-day bill. All the bids of GH¢3.606 billion cedis were accepted.

For the 182-day bill, GH505.19 million were received and the uptake was the same.

The one-year bill also saw about GH¢117.64 billion tendered. The uptake was also GH¢117.64 million.

91 Day Bill 3.606 bn              3.606 bn
182 Day Bill 505.19m 505.19m
364 Day Bill 117.64m 117.64m
Total 4.228bn 4.228bn
Target 3.459bn  

SourceJoy Business

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