Accra, Sept. 26, 2024 – The Bank of Ghana has introduced a new methodology for calculating the Foreign Exchange Market Reference Rate (MRR), aligning with international best practices to ensure accurate market reflection.
This change aims to broaden data coverage, incorporating daily transactions between commercial banks and clients.
The revamped methodology involves:
Daily Data Submission: All banks will submit data on spot US$/GH¢ transactions concluded before 3:30 pm on each working day.
Transaction Coverage: Data will encompass interbank market transactions and client deals exceeding US$10,000, mirroring prevailing market conditions.
Weighted Median Exchange Rate: The submitted data will be used to compute the weighted median exchange rate, published on the Bank of Ghana’s website as the daily closing rate.
This move marks the first step in the Bank of Ghana’s long-term strategy to align its MRR methodology with the International Organization of Securities Commissions (IOSCO) Principles of Financial Benchmarks.
For inquiries regarding the new reference rate, the public can contact:
The Head, Financial Markets Department
Bank of Ghana
1 Thorpe Road, Accra
By adopting this new methodology, the Bank of Ghana seeks to enhance transparency and accuracy in Ghana’s foreign exchange market.
Ruth Abla ADJORLOLO
