Alton Drew

Tag: Ghana

Interbank Market News Scan: Libor coming to an end. China’s RMB hopes to take out the dollar …

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9 July 2021

Foreign exchange rates of interest …

Currency pairExchange rate
USD/XCDXCD 2.70
USD/MXNMXN 20.0188
USD/JMDJMD 148.6230
USD/DOPDOP 56.6164
USD/HTGHTG 92.0194
USD/NGNNGN 411.2120
USD/GHSGHS 5.9153
Source: OANDA

News links of interest …

Interbank. With the end near for the London Interbank Offered Rate (Libor), the Reserve Bank of India (RBI) on Thursday told banks and other financial institutions to stop using the benchmark as soon as possible and mandatorily by December 31 and move to any Alternative Reference Rates (ARR). https://www.business-standard.com/article/finance/rbi-to-banks-phase-out-libor-soon-move-to-alternative-reference-rates-121070900016_1.html

Interbank. The booming collateralized loan obligation market faces a chaotic end to 2021, when the benchmark London interbank offered rate is retired for new loan contracts. https://www.bloomberg.com/news/articles/2021-07-08/growing-clo-market-has-a-libor-transition-problem-on-horizon?sref=oriheOus Interbank. Sri Lanka’s central bank said it will dip into its foreign exchange reserves to partly repay $1 billion of bonds maturing later this month, seeking to allay investors’ concern about a possible default. https://www.bloomberg.com/news/articles/2021-07-08/sri-lanka-keeps-rate-on-hold-as-focus-shifts-to-debt-repayment?sref=oriheOus

Foreign exchange, China. The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Friday by the China Foreign Exchange Trade System: Market exchange rates in China — July 9 – Xinhua | English.news.cn (xinhuanet.com)

Foreign exchange. Could the RMB dislodge the dollar as the world’s reserve currency. Could the RMB Dislodge the Dollar As a Reserve Currency? – BRINK – Conversations and Insights on Global Business (brinknews.com)

Cryptocurrency.  Why China wants to undermine Bitcoin. Currency and control: why China wants to undermine bitcoin (msn.com)

Cryptocurrency.  The future is far from stateless. Cryptocurrencies’ dream of escaping the global financial system is crumbling | Quinn Slobodian | The Guardian

Interbank Market News Scan: Remittances, foreign exchange; Africa sees average cost of remittances at 8.2% …

Posted by on in Africa, African Diaspora, foreign exchange, remittancesLeave a comment

Foreign exchange rates of interest…

Currency PairsRates as of 8:13 am EST 17 May 2021
USD/AOA652.8280
USD/GMD50.9478
USD/GHS5.7535
USD/NGN379.9410
USD/KES108.0900
USD/SLL10134.0000
USD/RWF979.3480
USD/ZAR14.1119
USD/MZN58.3200
Source: OANDA

Links to follow …

Remittances. According to the bank’s latest Migration and Development Brief, officially recorded remittance flows to low- and middle-income countries reached US$540 billion in 2020, 1.6 per cent below the 2019 total of US$548 billion. Remittance flows remained strong during COVID-19 in 2020, says World Bank (jamaicaobserver.com)

Remittances, Philippines. Remittances continued to grow in March as more countries eased travel restrictions and reopened borders to foreign workers, the Bangko Sentral ng Pilipinas (BSP) reported Monday. Remittances up 4.9% in March (msn.com)

Remittances, Ghana. Remittances from Ghanaians grew by five per cent from $3.39 billion in 2019 to $5.57 billion in 2020, a World Bank report has said.
This was in spite of the grim economic outlook presented by the COVID-19 pandemic, which affected people’s earnings and the economies of nations worldwide last year. Remittances From Ghanaians Abroad Increase | Social | Peacefmonline.com

Remittances, Nigeria. Pan-African credit rating agency, Agusto & Co has projected that Nigeria’s diaspora remittances will reach $22 billion by 2021, representing a year-on-year (y-o-y) rise of five per cent. Agusto & Co Forecasts $22bn Diaspora Remittances for Nigeria in 2021 | THISDAYLIVE

Remittances, Kenya. Kenya is targetting to collect at least Sh700 billion from over four million Kenyans working abroad, Labour Cabinet Secretary Simon Chelugui has said. Kenya targets Sh700 billion in diaspora remittances annually (the-star.co.ke)

Ghana’s demand for US dollar decreased last week; increased for other major currencies …

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Ghana‘s demand for the US dollar appears to have fallen last week. According to data from OANDA, a foreign exchange brokerage, during the period 1 December to 5 December 2020, the Ghana price of a dollar fell from 5.8456 GHS to 5.8280 GHS (-0.301%).

The Ghana price for the Euro climbed from 7.0123 GHS to 7.0631 GHS (0.724%) between 1 December and 5 December. During the same period, the Ghana price of the British pound also increased 0.106% from 7.8194 GHS to 7.8277 GHS. In addition, the Ghana price of the Chinese yuan (offshore) increased 0.356% from 0.8908 GHS to .8940 GHS.

The Bank of Ghana, the nation’s central bank, reported on 4 December 2020 a mid-range interbank rate for the US dollar of 5.7142 GHS. The interbank rate for the Euro came in at 6.9409 GHS while the interbank rate for the British pound chimed in at 7.7082 GHS.

Ghana’s current policy rate is 14.50%, with an inflation target of 6 to ten percent. The current rate of inflation, according to the Bank of Ghana, is 10.1%. The country’s 91-day Treasury note interest rate is at 13.5937%. Ghana’s interbank interest rate is 13.57%.

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10:34 am AST 19 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

Posted by on in currency, foreign exchangeLeave a comment

As of 10:34 am AST, 19 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76449 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30788 CAD

CAD/USD=0.76449   USD/CAD=1.30788

CNH/USD= 0.15260   USD/CNH=6.55179

EUR/USD= 1.18658   USD/EUR=0.84266

DKK/USD =0.15926    USD/DKK=6.27767

NGN/USD= 0.00261    USD/NGN=380.196

JPY/USD=0.00962     USD/JPY=103.91

INR/USD=0.01347       USD/INR=74.1356

JMD/USD=0.00672     USD/JMD=145.831

GYD/USD=0.00469       USD/GYD= 204.981

GHS/USD=0.17095     USD/GHS= 5.80919

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00906       USD/KES= 108.367

Source: OANDA

Major political/legal event in the United States: 

Yesterday, the U.S. Department of the Treasury released the following:

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance today clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. 

Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket.

If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not.  Therefore, we encourage businesses to file for forgiveness as soon as possible.

In the case where a PPP loan was expected to be forgiven, and it is not, businesses will be able to deduct those expenses. 

“Today’s guidance provides taxpayers with greater clarity and flexibility,” said Secretary Steven T. Mnuchin.  “These provisions ensure that all small businesses receiving PPP loans are treated fairly, and we continue to encourage borrowers to file for loan forgiveness as quickly as possible.”

Source: U.S. Department of the Treasury

9:49 am AST 18 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

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As of 9:49 am AST, 18 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76422 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30834 CAD

CAD/USD=0.76422   USD/CAD=1.30834

CNH/USD= 0.15252   USD/CNH=6.55518

EUR/USD= 1.18649   USD/EUR=0.84273

DKK/USD =0.15929    USD/DKK=6.27630

NGN/USD= 0.00261    USD/NGN=380.703

JPY/USD=0.00959     USD/JPY=104.31

INR/USD=0.01343       USD/INR=74.3381

JMD/USD=0.00673     USD/JMD=145.600

GYD/USD=0.00469       USD/GYD= 204.847

GHS/USD=0.17118     USD/GHS= 5.80017

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00907       USD/KES= 108.300

Source: OANDA

Major political/legal event in the United States: 

Treasury releases data on foreign investment in the United States

Yesterday, the United States Department of the Treasury reported that “in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $79.9 billion.  Of this, net foreign private outflows were $40.3 billion, and net foreign official outflows were $39.6 billion.”  The Treasury International Capital report also noted that there was a decline in foreign investor ownership of Treasury bills in the amount of $30.3 billion in September 2020.

Source: U.S. Department of the Treasury

11:42 am 12 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

Posted by on in currency, foreign exchangeLeave a comment

As of 11:42 am EST, 12 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76641 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30461 CAD

CAD/USD=0.76641   USD/CAD=1.30461

CNH/USD= 0.15127   USD/CNH=6.60956

EUR/USD= 1.17895    USD/EUR=0.84811

DKK/USD =0.15834     USD/DKK=6.31400

NGN/USD= 0.00262    USD/NGN=380.460

JPY/USD=0.00949      USD/JPY=105.38

INR/USD=0.01344       USD/INR=74.2553

JMD/USD=0.00673      USD/JMD=145.540

GYD/USD=0.00475       USD/GYD= 207.614

GHS/USD=0.17139       USD/GHS= 5.80752

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 107.904

Source: OANDA

Major political/legal event in the United States: 

Federal Reserve Vice-chair Quarles testifies before House Financial Service committee today

Randal K. Quarles, vice-chair for supervision for the Federal Reserve, will testify today before the U.S. House Committee on Financial Services.  His testimony will focus on the Federal Reserve’s supervisory activities in the context of the ongoing pandemic.

The Democratic Party will maintain control of the financial services committee in the next Congress.  There will likely be signals as to where committee chairwoman, U.S. Representative  Maxine Waters, Democrat of California, would like Congress and the Biden administration to focus legislative and regulatory initiatives.

Source: Federal Reserve  

9 November 2020: Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

Posted by on in Canada, currency, foreign exchange, GhanaLeave a comment

As of 11:14 pm EST, 9 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76934 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.29964 CAD

CAD/USD=0.76934   USD/CAD=1.29964

CNH/USD= 0.15178   USD/CNH=6.58714

EUR/USD= 1.18614    USD/EUR=0.84297

DKK/USD =0.15921     USD/DKK=6.27914

NGN/USD= 0.00261    USD/NGN=381.557

JPY/USD=0.00958       USD/JPY=104.36

INR/USD=0.01352       USD/INR=73.8335

JMD/USD=0.00674      USD/JMD=145.335

GYD/USD=0.00478       USD/GYD= 209.215

GHS/USD=0.17142       USD/GHS= 5.82570

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00910       USD/KES= 107.944

Source: OANDA

Major political/legal event in the United States: 

Biden launches transition website

Presumptive president-elect Joseph R. Biden has launched a transition website that describes his initial initiatives he plans to address upon taking office in January 2021.  Mr Biden appears prepared to engage in a level of spending to address faults and inequities in the American economic infrastructure that were in place prior to the Covid pandemic.  Spending initiatives include:

  • Providing state, local, and tribal governments with financial assistance;
  • Extending Covid crisis unemployment insurance to people out of work;
  • Provide a financial package for small businesses and entrepreneurs;
  • Creation of a public health corps that puts the unemployed to work fighting the pandemic.

No discussion has been provided by the transition team yet on the costs of these packages and the impact they may have on money supply expansion/contraction, trade, or foreign exchange rates.

Source: BuildBackBetter.com

Treasury announces tax deduction for pass-through entities

Today, the U.S. Department of the Treasury announced rule changes that clarify that State and local income taxes imposed on and paid by a pass-through entity are allowed as a deduction by the pass-through entity in computing its non-separately stated taxable income or loss for the taxable year of payment. 

Source: Treasury.gov

Biden starts transition plans: Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

Posted by on in currency, Europe, foreign exchange, Ghana, Jamaica, Joe Biden, NigeriaLeave a comment

As of 11:11 am EST, 9 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76559 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30530 CAD

CAD/USD=0.76559   USD/CAD=1.30530

CNH/USD= 0.15166   USD/CNH=6.58901

EUR/USD= 1.18728    USD/EUR=0.84194

DKK/USD =0.15925     USD/DKK=6.27257

NGN/USD= 0.00261    USD/NGN=381.500

JPY/USD=0.00967       USD/JPY=103.34

INR/USD=0.01350       USD/INR=73.8010

JMD/USD=0.00675      USD/JMD=145.128

GYD/USD=0.00478       USD/GYD= 209.215

GHS/USD=0.17141       USD/GHS= 5.82600

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 108.121

Source: OANDA

Major political/legal event in the United States: 

Presumptive president-elect Joseph R. Biden has launched a transition website that describes his initial initiatives he plans to address upon taking office in January 2021.  Mr Biden appears prepared to engage in a level of spending to address faults and inequities in the American economic infrastructure that were in place prior to the Covid pandemic.  Spending initiatives include:

  • Providing state, local, and tribal governments with financial assistance;
  • Extending Covid crisis unemployment insurance to people out of work;
  • Provide a financial package for small businesses and entrepreneurs;
  • Creation of a public health corps that puts the unemployed to work fighting the pandemic.

No discussion has been provided by the transition team yet on the costs of these packages and the impact they may have on money supply expansion/contraction, trade, or foreign exchange rates.

Source: BuildBackBetter.com

Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

Posted by on in Africa, currency, Eastern Caribbean, foreign exchangeLeave a comment

As of 11:32 am EST, 6 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76351 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30955 CAD

CAD/USD=0.76351   USD/CAD=1.30955

CNH/USD= 0.15097   USD/CNH=6.62248

EUR/USD= 1.17863    USD/EUR=0.84834

DKK/USD =0.15827     USD/DKK=6.31674

NGN/USD= 0.00260    USD/NGN=382.756

JPY/USD=0.00962       USD/JPY=103.98

INR/USD=0.01349       USD/INR=73.9934

JMD/USD=0.00678      USD/JMD=144.450

GYD/USD=0.00478       USD/GYD= 209.187

GHC/USD=0.00002       USD/GHC= 58,277.2

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00909       USD/KES= 107.789

Source: Bankrate

Major political/legal event in the United States:  Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden reportedly has 264 unofficial Electoral College votes while Republican candidate Donald J. Trump has 214 unofficial Electoral College votes.

The official declaration of President-Elect is scheduled for 14 December 2020.

Today, the House Republican caucus plans to meet to discuss the feasibility of President Trump’s legal strategy for turning the ballot counting tide toward him and away from Joe Biden.  A number of prominent Republicans have questioned the President’s post election tone. For example, retiring US Senator Pat Toomey, Republican of Pennsylvania, found Trump allegations of election fraud to be without evidence and Mr Trump‘s words, “disturbing.”

Source: Bloomberg

Update: Dollar continues depreciation against a number of currencies in face of more elections legal action by President Trump

Posted by on in currency, Donald Trump, foreign exchangeLeave a comment

As of 8:21 pm EST, 5 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76351 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30955 CAD

CAD/USD=0.76351   USD/CAD=1.30955

CNH/USD= 0.15097   USD/CNH=6.62248

EUR/USD= 1.17863    USD/EUR=0.84834

DKK/USD =0.15827     USD/DKK=6.31674

NGN/USD= 0.00260    USD/NGN=382.756

JPY/USD=0.00962       USD/JPY=103.98

INR/USD=0.01349       USD/INR=73.9934

JMD/USD=0.00678      USD/JMD=144.450

GYD/USD=0.00478       USD/GYD= 209.187

GHC/USD=0.00002       USD/GHC= 58,277.2

XCD/USD=0.37037        USD/XCD= 2.70

Source: Bankrate

Major political/legal event in the United States:  Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden reportedly has 264 unofficial Electoral College votes while Republican candidate Donald J. Trump has 214 unofficial Electoral College votes.

The official declaration of President-Elect is scheduled for 14 December 2020.

Today, the Board of Governors of the Federal Reserve System decided to maintain its target range for its inter-bank rate between 0 and .25%.

Also, today, President Donald J. Trump held a press conference expressing concern about how ballots were being counted in a number of states.  He indicated that he was prepared to pursue legal action to ensure that ballot counts were conducted in a fair and transparent manner.

Source: Bloomberg, Federal Reserve