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Saturday, May 18, 2024

Cedi to remain stable against dollar this week

Cedi and dollar
Cedi and dollar

The Ghana cedi is expected to remain relatively stable against the US dollar this week, following an ease in corporate demand.

This follows a slight gain against the American greenback last week.

The local unit closed stronger against the major trading currencies last week, amidst the Bank of Ghana’s intervention in the market and reduced demand from importers and corporate institutions.  

It gained 0.62% week-on-week against the dollar, reaching a mid-rate of ¢12.02 to one American greenback. It also advanced 0.86% against the pound, whereas it remained unchanged against the euro on the retail market.

The Central Bank sold $20 million to the bulk oil distribution companies and $3.8 million on the spot market.

This stamped out some foreign exchange demand, aiding the cedi’s performance last week.

On the interbank market, the situation was however calm.

Meanwhile, the cedi has lost about 11.73% in value to the dollar on the retail market since January 1, 2023. This is compared with 22% depreciation on the interbank market.

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