Cedi to continue stability against dollar, others this week

The Ghana cedi is expected to continue its stability against the US dollar and other major currencies this week.

This is expected to be supported by improved foreign exchange support from the Bank of Ghana.

The cedi recorded some gains last week across the major trading currencies in the retail market.

It appreciated 0.64% week-on-week against to close the week's trades at a retail market mid-rate of ¢11.68/$. It also gained 0.67% week-on-week against the pound while impressively gaining 1.60% against the euor despite persistent policy rate tightening by the Central Bank of Europe.

The Central Bank last week provided about $25 million to bolster liquidity in the FX market.

The cedi has benefited immensely from the International Monetary Fund programme, boosting investor confidence.

The local currency ended the first-half of this year with a better performance than the same period last year.

According to Bloomberg, the cedi lost about -11.21% to the US dollar, yet was still classified among African currencies with ‘Worst Spot’ Returns’.

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