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GH Cedi remains stable with the dollar
Accra, Feb. 29, Ghanadot/GNA - The
GCS-Cedi Index, the composite measure of the value of the
Ghana cedi against the four major international currencies,
went up gain at 0.22 points on Friday.
The Index rose at 105.38 points from 105.16 points to show a
dip in the value of the cedi against the Dollar, Pound, CFA
and the Euro.
On the whole, the cedi depreciated against the Pound by 1.12
GH pesewas and against the Euro by 1.25 GH pesewas. It,
however, appreciated against the CFA by 0.04 pesewas and
remained stable with the Dollar.
Change for the year to date stands at 1.46 per cent. While
change base year (July 03 2007) to date is 5.38 per cent.
The Index is calculated as a geometric weighted average of
changes in the four currency rates against the cedi at the
Inter-bank market, relative to a base of 100 set on 03 July
2007, when the Bank of Ghana redenominated the national
currency at a base value of 100.
The cedi gains value when the index goes down and it loses
value when the index goes up. It is inversely proportional.
A quote of 105.50 means the cedi value has depreciated 5.50
per cent since the base period, while a quote of 85.3 means
the cedi has gained 14.77 per cent since its base year.
GNA
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