The currency market seems to have reacted to the stern warning issued by the Government last week to “speculator and hoarders of foreign currency”. In the Interbank Market, the local currency gained on all the major currencies.
It appreciated by 150butus against the Dollar to D27.75, was unchanged against the Pound Sterling at D42.25 and gained 25bututs against Euro to D36.00. In the Parallel market, the Dalasi was down 8bututs against the Dollar to D31.33.
This is the Dalasi’s smallest weekly drop against the Dollar over the last 6weeks. The local currency remained unchanged against the Pound Sterling and the Euro at D45.50 and D38.00 respectively.
Dalasi Interbank Mid Exchange Rates
Dollar 27.75
Pound 42.25
Euro 36.00
CFA 280.00
Parallel Mid Exchange Rates
Dollar 31.33
Pound 45.50
Euro 38.00
CFA 280.00
Yields Rise Marginally
With the exception of the 91-day (s/s) which experienced a 7bps drop in its yield to 10.05%, interest rates on all other government debt in the Money Market, edged up this week.
The 91-day bill was up 8bps to 9.45%, the 182-day bill was up 5bps to 10.50% and the 1year note inched up 4bps to 12.84%. We anticipate yields to continue their upward trend for the next couple of weeks.
