Fully implement the first two stages of the set of measures to deepen the foreign exchange market. This includes: redirect the surrender requirement for gold and residual cocoa export proceeds from the BoG to commercial banks; design of a rule-based competitive system to intermediate FX flows to market, and; establish a settlement mechanism agreed with all stakeholders for the resolution of the outstanding stock of matured LCs to oil importers, following an audit to determine eligibility.
Introduced at R2. Economic rationale: Deepen the foreign exchange market to reduce volatility.
At R3, not met; partially implemented. The BoG has also successfully implemented the first stage of a plan to strengthen and deepen the foreign exchange market (MEFP ¶28), which involved the elimination of the surrender requirement for gold and cocoa export proceeds and the strengthening of rules on repatriation of export proceeds.