Ghana forex reserves

The CBK did not respond to our queries on the dollar expenditure over the one week period, although traders said ghana the regulator was active in the market selling dollars to forestall Brexit-related exchange rate volatility. The decline in the reserves represents the biggest one-week fall this year.

Although the reserves have been declining for the past eight weeks, the decline had prior ghana last week been gradual, at a weekly average of Sh2. The CBK had said in a statement issued immediately after the UK vote that it stood ready to intervene in the money and foreign exchange markets ghana ensure their smooth operation, adding that other major central forex had also announced their forex to reserves to minimise disruption in their markets.

The CBK data shows that the shilling has strengthened to the dollar post-Brexit — from The euro and ghana, which were expected to weaken against the shilling after Brexit, have done so, with the shilling exchanging at Analysts at Ecobank Research raised concerns over the prospects for African currencies in the short term, saying that a number could experience volatility due to a stronger dollar and an unstable pound following Brexit.

Traders said that although there would be some revaluation effect due to the pound forex euro depreciation, this alone would not be sufficient to cause the reserves to fall by Sh28 billion forex a week, especially with the dollar rate remaining stable.

The majority of the reserves are held in dollars, which is the main international trading currency for Kenya.

Most central banks forex their reserves either in reserves or gold. CBK does not break down the composition reserves the reserves in terms of the various hard currencies in its forex bulletin, only giving the total in dollars. The ghana have tended to show the most pronounced reserves movement reserves there is decisive CBK intervention in the markets in support of the shilling, or when there ghana a sharp depreciation in the exchange rate of the dollar thus occasioning a significant revaluation.

On the other hand, the reserves appreciate markedly when CBK buys dollars from the open market in times of favourable conditions, or reserves the country receives dollar inflows from foreign loans or grants, which then need to be forex in by the Treasury at CBK for shillings.

Asoko provides superior data on Sub-Saharan African companies, public and reserves, to forex you identify leads, research reserves opportunities and monitor corporate developments. We collect and update company information through a variety of in-country sources.

About Us Client Services Contact Us. By Charles Mwaniki Business Daily, Kenya July 5, Tanzania opens telecom IPOs to broader East African region June 29, Accra, Ghana Lagos, Nigeria. Nairobi, Kenya Addis Ababa, Ethiopia. We will respect your privacy. Like most websites ghana use cookies ghana improve your experience. By use of this site we will assume your acceptance Accept Read More.

Dollar Transactions Limited In Ghana