pound Archives - Page 3 of 3

28 Nov

BoG Pegs Cedi Depreciation To Dollar At 54%

wontumionlineBusinessBoG, CEDI, pound

The Bank of Ghana has pegged the rate of depreciation of the cedi to the dollar at 54.2% in almost 11 months of 2022. However, the Central Bank in its November 2022 Summary of Economic and Financial data quoted the cedi to dollar at ¢13.10 to one US dollar. This is lower than the retail market or forex bureau rate of about ¢14.90 to one American ‘greenback’. For the pound sterling, the local currency has declined in value by about 48.9% since the beginning of the year. It is currently selling at ¢17.48. It has also depreciated by about 50%…

08 Nov

Sterling Rises But Gloomy Economic Outlook Remains In Focus

wontumionlineBusinesspound

Sterling rose on Monday, largely boosted by a softer dollar, which pushed the pound back up to levels seen before the Bank of England (BoE) delivered its biggest interest rate hike in three decades last week. At 1000 GMT, the pound was up 0.61% against the dollar at $1.14405, and 0.35% higher versus the euro at 87.260 pence per euro. The pound moved up as the dollar shed 0.522% by 1000 GMT, having earlier ticked up after China said it would stick with a strict COVID-19 containment strategy; news that initially saw investors flee to the safe-haven dollar. "The market…

01 Nov

Cedi Strengthens Again Against Dollar; $1 Equals ¢13.40

wontumionlineBusinessCEDI, dollar, pound

The Ghana cedi strengthened once again by about 20 pesewas against the US dollar today November 1, 2022 to sell at ¢13.40 in the retail or forex market. This is the 4th consecutive day in which the local currency has improved in value against the American currency. The cedi sold for ¢13.60 to the dollar this morning. Checks by Joy Business at the forex bureaus also indicate that the cedi strengthened against the pound and the euro. It is going for ¢14.46 against the pound and ¢12.80 against the euro. The recent strong value of the local currency may be due…

19 Oct

$1 Dollar Nears ¢13 As Fast Depreciation Of Cedi Continues

wontumionlineBusinessCEDI, dollar, Forex bureau, pound

The fast depreciation of the Ghana cedi continues with no end in sight as the local currency nears ¢13 to a dollar. This is more than 6% depreciation in only three days of the week (October 17-19). It may hit ¢13 by the close of the day, based on how trading is going in the retail market. According to the rate from the forex bureaus, most of the operators are selling the local currency between ¢12.50 and ¢12.95. Few are, however, selling the cedi at approximately ¢13 to the American ‘greenback’. Again, some banks are struggling to get the dollar…