The Bank of Ghana (BoG) has introduced a new methodology for computing its Foreign Exchange (FX) Market Reference Rate (MRR) in line with international best practice.
This is to ensure that the rate reflects market developments more accurately.
“The new methodology seeks to broaden the data coverage and reflect daily transactions executed between commercial banks and their clients”, a statement from the BoG said.
It explained that the change is the first step in the BoG’s long-term strategy to align its MRR methodology with the International Organization of Securities Commissions (IOSCO) Principles of Financial Benchmarks.
According to the statement, the reference rate published every day on the Bank of Ghana website will be computed from data submitted by all banks.
“Each working day, all banks submit data on all spot US$/GH¢ transactions concluded on the reporting day before 3.30 pm. The data will cover all spot transactions on the interbank markets as well as transactions with their clients that have nominal values of US$10,000 or more, mutually reflective of prevailing market conditions”.
“The data submitted is used to compute the weighted median exchange rate. The weighted median exchange rate will be published on the Bank of Ghana website, as the closing rate for the day’s transactions”, the statement concluded.
Latest Stories
-
NDC yet to provide evidence of discrepancies – EC
3 hours -
Cameroonian separatist leader arrested in Norway
4 hours -
New York Mayor Eric Adams charged in Turkey bribery, fraud scheme
4 hours -
GJA holds Emergency General Meeting on Friday
4 hours -
Remand of protesters: State interest in this matter is not to achieve justice – Lawyer
4 hours -
Sudan army launches major attack on capital Khartoum
4 hours -
John Jinapor alleges fuel procurement disputes forced ECG MD’s resignation
5 hours -
We don’t have the kind of peace we desire in Ghana – Togbe Afede
5 hours -
Choose leaders who respect your views, are honest and accountable – Domelevo to Ghanaians
5 hours -
GBA and the Department of Gender take community outreach to Volta region
5 hours -
Amnesty International Ghana criticises handling of Democracy Hub protesters
5 hours -
WAEC highlights exam malpractices after successfully conducting 2024 WASSCE
6 hours -
Fisheries Ministry launches support initiative for inland fishers, promotes solar-powered motors for sustainability
6 hours -
Galamsey: Ewusiejoe residents at risk as they rely on chemicals to purify polluted water
6 hours -
NDC, stakeholders insist on forensic audit of voter’s register
6 hours