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Ghana Cedi Hits Fresh Lows Versus Greenback
 
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23-Apr-2012  
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Ghana's cedi fell to fresh lows against the dollar on Friday on higher demands for the greenback by local manufacturing and telecoms firms, traders said, defying renewed efforts by the central bank to prop up the local currency.

The dollar-cedi rate hit 1.8270/95 by 1500 GMT, from the day's the open of 1.8210/35, Barclays Bank trader Jacob Brobbey said. "The reason remains the same - dollar demand outstripping supply," he said.

Last week, the Bank of Ghana raised its prime interest rate 100 basis points to 14.5 percent in a bid to halt the cedi's steep losses.

It also said it would ease banks' net open position requirements - the difference between their assets and liabilities in a particular currency - to boost their foreign exchange flows to the market.

But the cedi has fallen roughly two percent since the announcement as dollar-hungry dealers shrugged the move.
 
 
 
 
 

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