Cedi Stabilises Amidst Festive Season Blues
Checks by Citi Business News have shown that the cedi has experienced relative stability against some major trading currencies for the past two weeks.
The cedi which normally depreciates at a fast rate around the festive season has since the 23rd of November remained at 4 cedis 41 pesewas on the interbank foreign exchange market and between 4 cedis 48 pesewas and 4 cedis 65 pesewas at local forex bureaus.
Speaking to Citi Business News on the matter , General Manager of Treasury at HFC , Joseph Nkestia attributed the development to some interventions put in place by the Central Bank as well activities of some companies resulting in the adequate availability of dollars.
“The cedi has enjoyed some stability in the past week following interventions by the Central Bank; so unlike the previous years where around this time you see the cedi depreciating at a very fast rate, this year the cedis performance has been better”.
Mr. Nketsia was of the view that there are currently enough dollars in the system resulting in the stability.
“Apart from the Central Bank’s intervention there are other sources of funding coming through, for instance some companies are doing rights to issue, some of the investors outside the country are buying shares using the US dollar. So the supply of US dollar has increased relatively to the demand for the hard currency that is why we are seeing stability in the cedi.
He added that the stability should continue until the end of the year.
“We expect that that stability will increase to the end of the year”.
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