Hard currency auction, 63th and 64th sessions

The sixty-third session of hard currency auction was held on August 27, at the central Bank.

The botton rate (1 EUR = BIF 1044.5394) announced at the beginning has totally surprised the participating banks whose offers have not been retained.

As a result, the amount of the auction i.e EUR 2,000,000 has been staked, on August 28 during the sixty-fourth session.

At the end of that session, the reference rate was 1EUR = BIF 1044, 5905 versus a botton rate of 1 EUR = BIF 1044, 5394.

Let's recall that the bottom rate at the previous session on August 6 was 1 EUR = BIF 843.

That prompt monetary redevelopment following the increase of the bottom rate reflects a 20 % depreciation.

This morning, the official exchange rate published by the Central bank widely reflects that monetary widely redevelopment since the average rates for the dollar and the euro repectively went up to BIF 1063.4150 and BIF 1044.5394 versus BIF 885.5481 and BIF 870.4495 applied until yesterday.

IBB-News / 28 August 2002
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