The Financial institution of Ghana is offering $100 million to dealers in a Overseas Trade Forward Auction constrained to the 30 day tenor nowadays, March 30, 2022.
This is element of moves to improve offer of dollar to the international exchange (Forex) market place and simplicity the depreciation of the cedi to dollar even more.
In addition to the guidelines for Bulk Oil Distributing Businesses (BDCs) Forex Auctions, the Central Bank said all authorized Foreign Exchange Vendor Banks shall also comply with the provisions of the Code of Carry out for the Interbank Overseas Trade market place in Ghana.
The Bank of Ghana also directed banks to make sure that participation in the auction is constrained to qualifying BDCs based mostly on disorders these types of as proof of a valid license to work as issued by the National Petroleum Authority as very well as they getting in fantastic standing with the NPA.
The BDCs need to also provide proof of a contract indicating volumes and price tag of the merchandise which includes rates or bargains used, as effectively as payment due day as properly as their contracts becoming legitimate for the current window concerning April 1st and April 15th, 2022.
They will have to also assure evidence of income to Oil Internet marketing Organizations in just the final 3 months.
BDCs are also anticipated to deposit all gross sales proceeds into an escrow account with their bidding banks for the window in which they take part in an auction. This will be closely monitored.
Banking institutions are also demanded to go on Fx received by BDCs at the profitable bid prices with no spreads.
The Financial institution of Ghana pointed out that it reserves the sole ideal to auction allocation.
In the meantime, authorised sellers are staying invited to submit their bids in the asked for structure for the auction via the dedicated e-mail [email protected] in between 10.30am and 11.30am.