Stats support a more dovish outlook.
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In10, 20, 50, and cedi coins were introduced, followed by and cedis in WTI and international-benchmark Brent crude oil futures posted a choppy performance on Wednesday, first dropping sharply then clawing back most of those losses into the close. This process ended in with a free float of the cedi against foreign currencies. Finally, with foreign currency completely drying up for all import transactions, the government was forced to begin a process of gradual devaluation, and a liberalization of its strict price controls.
Mar 06, Some also believe that investors are pricing in the possibility that Trump may back away from a deal like he did during the U. Mar 05, By the cedi was worth about to one U.
Gold futures steadied into the close on Wednesday after hovering near a five-week low touched the previous session. However, many Ghanaians who were hoarding large amounts of cedis feared reprisal if they tried to convert all of it, and so simply burned a lot of their money. Mar 07, Precious metals rebound on risk-averse investor sentiment and caution ahead of ECB monetary policy meeting update. This had the effect of driving nearly all commerce underground, where black market prices for commodities were the norm, and nothing existed on store shelves.