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Cedi Stabilization: BoG to auction $120m



The Bank of Ghana, BoG, in its efforts to stabilize cedi, has announced plans to auction $120 million in the first quarter of 2017.

According to the bank, the auction, which will be restricted to registered foreign exchange operators, will be done be based on $40 million auction per month.

It would be recalled that the BoG had said in November last year that it would action part of the $2 billion cocoa loan syndication to stabilize the cedi.

To achieve its stabilization plot, about $80 million was released to commercial banks in the country in the last quarter of 2016.

Read Latest: Ghana News