The cedi is expected to find a cushion on the back of expected foreign exchange inflows from the $1.3 billion cocoa syndicated loan.
The dollar inflows is expected by October 2022.
According to the Weekly Currency Report by Databank Research, the European Central Bank hike of deposit rate by 75 basis points and an impending US Fed policy rate hike represent depreciatory pressure points for the local unit.
“In the coming weeks, we expect the cedi to find a cushion on the back of expected FX [foreign exchange] inflows from the $1.3 billion cocoa syndicated loan. We reckon, however, that the ECB hike of deposit rate by 75bps and an impending US Fed policy rate hike represent depreciatory pressure points for the local unit”.
Cedi slid slightly against dollar last week
The cedi slid against the dollar last week after a short-lived rally the previous week.
Despite the improved dollar reserves, sustained demand for the dollar weighed on the cedi, subduing its rally in the first week of September 2022.
Last week, the Bank of Ghana allotted $25 million across the 7-day to 75-day tenors against total bids of $107.75 million.
The resulting bid-to-cover ratio of 4.31x vs 4.38x in the previous auction shows a marginal relaxation of demand pressures, although the wide demand supply disparity persists.
The cedi shed 0.28% week-on-week (w/w) against the greenback on the Bank of Ghana reference rate market, lost 0.41% w/w vs euro, and slid 0.55% w/w against pond.
However, on the forex bureau, the local currency lost 1.74% w/w against the greenback, with a bid/offer quote of 9.93/10.20, deepening its year-to-date loss to 35.52% against the US dollar.
<img src="https://www.mtlblog.com/media-library/buildings-in-montreal.webp?id=53720818&width=1200&height=600&coordinates=0%2C39%2C0%2C39"/><br/><br/><p>As the cost of living continues to rise, <a href="https://www.mtlblog.com/average-rent-prices-montreal-september-2024" target="_blank" rel="noopener">rent prices in Montreal</a> are no exception. According to a new report, the average unfurnished 4 ½ (two-bedroom) property in the city currently costs $2,222 per month. </p><p>However, some <a href="https://www.mtlblog.com/montreal/heres-which-popular-montreal-neighbourhoods-had-the-cheapest-rent-in-2022" target="_self" rel="noopener">Montreal neighbourhoods</a> offer more affordable housing options than others. Thanks to real estate rental platform <a href="https://liv.rent/blog/rent-reports/september-2024-montreal-rent-report/" target="_blank" rel="noopener">liv.rent's latest report</a>, you can find out which areas suit you best based on how much you're willing to spend on rent.</p><p>In its report, liv.rent analyzes the cost of rent in 10 popular Montreal neighbourhoods, looking at both furnished and unfurnished one-bedroom, two-bedroom and three-bedroom units.</p><p>Since the start of 2024, the average rent for unfurnished two-bedroom units has remained more or less the same, having risen from $2,022 per month in January to $2,222 per month in September, according to calculations made by MTL Blog. That’s not the case for the average 3 ½, which climbed by $113 per month, from $1,599 to $1,712 since the beginning of the year.</p><p>Considering that <a href="https://www.canada.ca/en/financial-consumer-agency/services/renting-first-apartment.html" target="_blank" rel="noopener">rental expenses</a> should not exceed 35% of gross household income, according to recommendations by the Government of Canada, it is therefore necessary to earn at least $76,182 per year for an average two-bedroom rental in Montreal. But depending on your income, you might still be able to snag a 4 ½ in certain neighbourhoods without going into debt.</p><p>Here's a breakdown of the average monthly rent for two-bedroom apartments, condos and other dwellings in Montreal's top neighbourhoods, along with the minimum annual salary you'd need to live comfortably in each area, based on the 35% rule:<span></span></p><ul><li><strong>Downtown:</strong> $2,761 (minimum salary of $94,662 per year)</li><li><strong>Westmount: </strong>$2,563 (minimum salary of $87,874 per year)</li><li><strong>Verdun:</strong> $2,323 (minimum salary of $79,645 per year)</li><li><strong>Saint-Henri:</strong> $2,325 (minimum salary of $79,714 per year)</li><li><strong>Plateau–Mont-Royal:</strong> $2,297 (minimum salary of $78,754 per year)</li><li><strong>Saint-Laurent:</strong> $2,153 (minimum salary of $73,817 per year)</li><li><strong>Hochelaga-Maisonneuve:</strong> $2,049 (minimum salary of $70,251 per year)</li><li><strong>Notre-Dame-de-Grâce/Côte-des-Neiges</strong>: $1,976 (minimum salary of $67,748 per year)</li><li><strong>Villeray–Parc-Extension:</strong> $1,914 (minimum salary of $65,622 per year)</li><li><strong>Ahuntsic-Cartierville:</strong> $1,866 (minimum salary of $63,977 per year)</li></ul><p>As you can see, the north-central part of the island is the place to be for some of the most budget-friendly rent prices in the city right now. </p><p><span></span>Ahuntsic-Cartierville is the only neighbourhood in this study where you can afford to earn less than $65,000 per year. </p><p>If you're curious about rent prices for one- or three-bedroom units, <a href="https://liv.rent/blog/rent-reports/september-2024-montreal-rent-report/" target="_blank" rel="noopener">liv.rent's September 2024 Report</a> has the latest numbers for those types of properties as well.</p><p>This story was originally published in French on Narcity Québec. It was adapted from the article "<em><a href="https://www.narcity.com/fr/montreal/prix-appartement-loyer-montreal-deux-chambres-salaire-2024" target="_blank" rel="noopener">Voici le montant tu dois gagner pour te payer un 4 1/2 à Montréal selon le quartier</a></em>," which was originally published by Josianne Desjardins.</p><p><em>This article's cover image was used for illustrative purposes only.</em></p>
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