Dr Ernest Addison, Governor of the Bank of Ghana
The Bank of Ghana (BoG) has introduced a new methodology for computing its Foreign Exchange (FX) Market Reference Rate (MRR) in line with international best practice.
This is to ensure that the rate reflects market developments more accurately.
“The new methodology seeks to broaden the data coverage and reflect daily transactions executed between commercial banks and their clients”, a statement from the BoG said.
It explained that the change is the first step in the BoG’s long-term strategy to align its MRR methodology with the International Organization of Securities Commissions (IOSCO) Principles of Financial Benchmarks.
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