WPC KnRSw@NEuDamMstIPk*Ō<`/iRa#ޫ8W lk%'>Cô&,lW b82v8 9 I67O:vWiYc#^HnJ"aՍ۹AF'/%HMʹ==_Fʼ ^#Xus㫨biik#^p& hY2v/!8fZeGaxsnaTmzGzJ(o;5U]JAB+ ]?:GwHNS0BxpN fADz&ů:`^tz3fIut0-c#l>cyb簆1+_MyoHO98 BRu'|v`p{r4հGrCU;b  ԝtzX[ KU$# 6 UNA % 0 (w@4 C  Bp: BP*W B B@o<5EUJE D3>FU/*qF 0DFFGkH1II JfJcJE(K D3*K@]K-sK D3Ky B~y@ y~y AM%z@ rz A|z {oq{ p3'o\/* 0(C AMCC 0CDoDEpSUJkffa@ ͤaפco,Na@T A3 0D D+  0KKp6̑ 1uT ɒ i!ϒ@ ob AQ' Cx@  0D D/orU DKL BBLM M-Mfs{au{~{@ |oD|p6cI} f} a} @ } oq}  @ & orU0 D3E B*E E D3F B*F @ F obF  D3 M S @Y o\/o pS c  f a  0D h F 0AB @ f a f UB B- U< +P a{ f a f ~ 0#T% ay f o2 @ { ob{ h]  c 0Dq 09@ ) a 2 ' f a 1m! - ff!#UJaGa[ 0co@ oK h]f] 0l]"^*_a` h(` h.` h4` h$:`^`@ FaoPa hb DCh@ faorU h$=SUTaS hS_SULWfWf{Wa}W hW@ WoRW h$F hjfpar h` h hz h7fUNUNU NN h$HP LaserJet 4 Plus/4M PlusHPPCL5E,,,,0 (hH  Z 6Times New Roman RegularX($ b dc d Ee Ef Eg Eh Ei Ej 3Ek Nz!|xk  d  d& d d+ +dX Xd+*OLE*WPC'xK><^xK><^9!xK><^4ƚ B @R   '  ' -  -- !-- !-'-  -- !-((- !(-<<- !<-PP- !P-dd- !d-xx- !x-- !-- !-- !-- !-- !-- !-- !-- !-PP- !P-- !-- !-@@- !@-- !-- !-00- !0-- !-'- Courier--"System-'-- Courier----   h---' -- - ---' -- - ---'-- - b---'-- - b---'-- - b-  -  $A+1+1AA+K>r- +A+11A+A---'-- - b---'-- - ]---'-- - 2+A---'-- - 1)A- 5B( ` t ldt wwctn ww--  ` $ELLEE$TZZTT$biibb$qwwqq$$MMM$ttt$---$~~~$SSS$XXX$SSS$$  $SSS$ ~&~&  ~$.S5S5..S$=DD==$LSRSRLLS$ZaaZZ$i|o|oii|$wr~r~wwr$$$TTT$|||$$$fff$~~~$$ SS  S$SSS---'---  ` 2+A---'---  ` b-  +A AArial- >D>D>D>Dz>zDS>SD+>+DA1 Arial- AAPP^^mm{{  **99HHVVeess""11+11- .4.4.4.4.4.4.4r.r4Z.Z4C.C4+.+4---'- --  ]---'- --  2+A---'- --  7&<- - H Wet#2@+O]Cl{ *H-  $HKHEHW$WZWTWe$ehebet$twtqt$$$$$$$$$$ $#$#&# #2$252/2@$@C@=@+O$O(R+O.L+O(]$]`]Z]Cl$l@oClFiCl@{${~{x{$$$$$$$$$ $    $*$*-*'*---'- - - 2+A---'- - - bArial׼- ---'- - - #   R2 291-day Bills: Percent sold at Auction & Bid Spread      ---'- - - b---'- - - b---'- - - b- ---'- - - b  2 /0 2 )20 2 )40 2 )60 2 s)80 2 L#100 2 $#120---'- - - b- ---'- - - b  Arial- 2 (A1-   Arial- 2 (^3-   Arial- 2 (|5-   Arial- 2 (7-   Arial- 2 (9-   Arial- 2 .11-   Arial- 2 .13-   Arial- 2 .15-   Arial- 2 .+17-   Arial- 2 .H19-   Arial- 2 .e21-   Arial- 2 .23-   Arial- 2 .25-   Arial- 2 .27-   Arial- 2 .29-   Arial- 2 .31-   Arial- 2 .33-  ---'- - - bArial- ---'- - -  ?2 3%Weekly Auction (Jan. 05 -Aug.23,1996) ---'- - - b---'- - - !_  Arial-2 Percent Sold at Auction- ---'- - - b- ---'- - - b  2 90 2 90.5 2 91 2 91.5 2 92 2 92.5 2 93 2 k93.5 2 S94 2 <94.5 2 $95---'- - - b- ---'- - - ]fH Arial-2 KHigh-Low Bid Spread- ---'- - - b- - -   L>r---'- --  ---'- --  - 5B( ` toantwwtleltowwoccurfromthisas-  ` JC *2 ?Percent Sold(left axis)---'- - - ---'- - - FA F\FN-  $NCQFNIKFNC (2 ?_Bid Spread(right axis)---'- -- ---'- -- b---'- -- b- - -'  '  ' --   g~- -'edictable.Clearlytheimplemen )  A ) xdEa bACEPAMacroeconomicReviewThirdQuarter1996),h  Z 2CG Times (W1) Regular 'dxd%2A`Arial(3$ !  ݁Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5L Y >#  @ Figure  5   """"'dxd,2*OLE* - 0C"  UKUS.,NXX  Theattempttocontrolthemoneysupplythroughrelianceoncontrolofreservemoneyassumesthat  changesinthemoneysupplyaredirectlyproportionaltochangesinthestockofreservemoney(highpoweredmoney).Theconstantofproportionalityisreferredtoasthemoneymultiplier.Themultiplier,althoughassumedconstant,isafunctionofbehaviouralparametersofthebanksandthenonbankpublic.Reservemoneywhichistheliquidliabilitiesofthecentralbankcanbeshowntobedefinedbythefollowingcentralbankbalancesheetidentity:3NN ReserveMoney=NetDomesticAssets+NetForeignAssets+OtherItemsNet  @@ Broadlyspeaking,theNetForeignAssets(NFA)oftheBankofGhanacomprisetheholdingsofinternationalreservesgold,foreignexchangeandliquidsecuritieslessreserverelatedliabilitieslargelyconsistingofborrowingsfromtheIMF(useofIMFfacilities).TheNetDomesticAssets(NDA)aremainlyclaimsoftheBankofGhanaontheGovernment(Treasurybills,stocksandbonds,overdrafts,etc.)onthebanksandsomeSOEs.DomesticfinancialliabilitiesincludedherearelargelytheBankofGhanabillstradedintheOMO.ThehistoricalrecordshowsthatreservemoneystockchangesareinthemaintheresultofeitherlargechangesinthebalanceofpaymentsorintheBankofGhanafinancingofthegovernmentbudgetdeficitorinOMOoracombinationoftheabove.Thus,whereastheBankofGhanacandeterminetoalargeextentthebehaviourofReservemoney,unlessitaltersthereserveratiositimposesonthebankingsystemithaslittleifanyinfluenceoverthemoneymultiplier.#N3N#  *}4 8Eddd Xdd Xdd X},(,z,,%,%,-+  7 (  ,7 C 6%  CBroadMoney C 6%ll3  CReserveMoney C 6%ll3  CMultiplier C 6%3  CCurrencyRatio I 6%ll3  IReserveRatio  q0ll 3 ,     @35033, @Dec-95 }HXX!3  @35033  @  fffffƔ@1329.6fffffƔ@1329.6 zp<XX"3 fffffƔ@1329.6 fffffƔ@ x@623.1x@z623.1 vl;XX#3 x@623.1 x@  @@nR@v2.13 wm8XX$3  @@ nR@ p_Q?0.6974p_Q?w0.70  q<XX%3 p_Q?0.6974 p_Q? Ǻ?0.0881Ǻ?0.09  TXX&3 Ǻ?0.0881 , Ǻ?  @35064,@Jan-96 }HDD'3 @35064 @  Ĕ@1329.0Ĕ@1329.0 zp<DD(3 Ĕ@1329.0 Ĕ@ ̈@593.1̈@z593.1 vl;DD)3 ̈@593.1 ̈@  @@D6@v2.24 wm8DD*3  @@ D6@ v?0.6169v?w0.62  p<DD+3 v?0.6169 v? EԸ?0.097EԸ?0.10  SDD,3 EԸ?0.097 , EԸ?  "@35095,"@Feb-96 }H00-3 "@35095 "@  F@1361.7F@1361.7 zp<00.3 F@1361.7 F@ fffff&@580.8fffff&@z580.8 vl;00/3 fffff&@580.8 fffff&@  @@7@v2.34 wm80003  @@ 7@ Aǘ?0.5854Aǘ?w0.59  q<0013 Aǘ?0.5854 Aǘ? K7A`?0.0835K7A`?0.08  T0023 K7A`?0.0835 , K7A`?  &@35124,&@Mar-96 }H33 &@35124 &@  ̘@1382.2̘@1382.2 zp<43 ̘@1382.2 ̘@ @579.6@z579.6 vl;53 @579.6 @  @@4@v2.38 wm863  @@ 4@ 6W[?0.0678z6>W[?0.07  T>3 z6>W[?0.0678 , z6>W[?   .@35185, .@May-96 }H?3  .@35185  .@  @1469.0@1469.0 zp<@3 @1469.0 @ 33333ǂ@600.933333ǂ@z600.9 vl;A3 33333ǂ@600.9 33333ǂ@  @@ 9@v2.44 wm8B3  @@  9@ Ӽ?0.5558Ӽ?w0.56  q<C3 Ӽ?0.5558 Ӽ? + h?0.0719+ h?0.07  TD3 + h?0.0719 , + h?  2@35216,2@Jun-96 }HE3 2@35216 2@  33333K@1490.833333K@1490.8 zp<F3 33333K@1490.8 33333K@ fffff@598.3fffff@z598.3 vl;G3 fffff@598.3 fffff@  @@6}U@v2.49 wm8H3  @@ 6}U@ ' ?0.5516' ?w0.55  q<I3 ' ?0.5516 ' ? u?0.0598u?0.06  TJ3 u?0.0598 , u?  5@35246,5@Jul-96 }HK3 5@35246 5@  fffff@1532.1fffff@1532.1 zp<L3 fffff@1532.1 fffff@ |@623.6|@z623.6 vl;M3 |@623.6 |@  @@l@v2.46 wm8N3  @@ l@ TR'?0.5528TR'?w0.55  q<O3 TR'?0.5528 TR'? ߾3?0.0711߾3?0.07  TP3 ߾3?0.0711 , ߾3?  9@35277,9@Aug-96 }HQ3 9@35277 9@  fffffȘ@1586.1fffffȘ@1586.1 zp<R3 fffffȘ@1586.1 fffffȘ@ 33333@636.933333@z636.9 vl;S3 33333@636.9 33333@  @@}e9@v2.49 wm8T3  @@ }e9@ 7[ A?0.53927[ A?w0.54  q<U3 7[ A?0.5392 7[ A? Pkw?0.0727Pkw?0.07  TV3 Pkw?0.0727 , Pkw?  =@35308,=@Sep-96  }HW3 =@35308 =@  33333 @1603.333333 @1603.3  }IX3 33333 @1603.3 33333 @  33333[@651.433333[@651.4  yHY3 33333[@651.4 33333[@   @@5rkqŰ@2.46  zEZ3  @@ 5rkqŰ@  b=y?0.5148b=y?0.51  ~I[3 b=y?0.5148 b=y?  c]F?0.0938c]F?0.09dZX\3 c]F?0.0938 , c]F?  dRecentactionbytheBankofGhanainincreasingthecashreserveratioaimedatreducingthemoneymultiplier.Itcanbenoticedfromthetableabovethat,themultiplierovertimehasbehavedinastablefashion;andalthoughfromAprilitshowedsignsofrising,itbecamestableagainaroundanewmean.Indeedasfigure1shows,US.,UK.,exceptoverthesixmonthperiodAugust1995toFebruary1996,themultiplierhasbeen stable.UKUS.,ԀOntheotherhand,ReserveMoneyhasbeenontherisesinceJulyandmayposeproblemsforthecontrolofthemoneystock.Inotherwords,theempiricalevidencepointsstronglytolossofcontroloverreservemoneyastheproblemofmonetarypolicy.US.,UK.,, 'dxd  d1A  t >#  Box L$   1   : MonetaryControl >@!A<< C) >@? I&mage <=8C HKKKKLWPC'UEY &[PEY &[P9!EY &[PXqƚ',g 8 `    '  '  '  '  ArialG-"System-'-  Arial--'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'-  -'- . --  w---' --- ---' ---  Arial- Arial-----'--- 2} ---'--- 2} - - $+  @+@+----'-- - D +,+ , + + + + ---'-- - 2} -+  @ @+++@+@@=,,=====@+@ R+.+R.R.Rc.cR.R2.2R . R . ---'-- - \ !!---'-- - C +---'-- - W -  <%+@6gAMXc n9J)S} ".98DYOw[fq|F%!  %0<G]rtM(@%(3?JU`l4Pjw  +6AMX]c`%.cin{tryg\PB4%T(@"-8COaZ:epv{|tlfb^\[^%-[[]`dipw $/:,FSQ{\gs~* 7a ,8C!M'V,^2e>%2e=qHzT_ju~xpg^SH;" ) @ K V b m x     %      ! 7 N {     @+- $++@@+U@++$~$c$cvxcNcv[$F[p[Fe2$2PGe2ze2P $ }    } $     ---'-- - C +---'-- - 2} ----'-- -  En 92 w|!(a). Growth in Broad Money Supply!8!N'=N!==H'=8=S==88C===8---'-- - 2} ---'-- - 2} ----'-- - 2}   2 %0 2 5 2 10 2 15 2 20 2 25 ---'-- - 2} ---'-- - 2}  2 Q4'94- 2 GQ1'95- 2 Q2'95- 2 Q3'95- 2 ~Q4'95- 2 Q1'96- 2 N Q2'96- 2  Q3'96- ---'-- - 2} ---'-- - I  Arial- 2 Y in percent----'-- - 2} ---'-- - 2} - - -'   '  ' . --  w- -  --' --  --' H--  ------'---  >v ---'---  >v --  $U U yy- ---'---  }U 8+y yU U WWU U U U U U ---'---  >v 8+-  U yU y---'--- >v ---'--- U !!---'--- yU ---'--- e 5B( NCSEPDLOVIBIAPBITS-  $^6^6^$n6n6n$~6~6~$66$ 6 6   65B( ????NC??SE??PD??LO????VI??BIAPBITS- $eIeI66e$YY66$WhWh66W$6x6x6$ 6 6 f f 6- $I6I6I$Y66YY6$hNN6h6hN$x66xx6$   6 6 ---'-- - yU ---'-- - >v  yyyWW6666U H$H$H&$&H5$5HE $E HU $U ----'-- -  E C2 w((c). Sources of Change in Money Supply!8!C=='888=!H=8==8=S==88C===8---'-- - >v ---'-- - >v ----'-- - >v   2 ^g-200 2 g-150 2 <g-100 2 -50 2 0 2 50 2 z100 2 hz150 2 z200 ---'-- - >v ---'-- - >v  2  Net Credit* * 2 to Govt. - 2 Cocoa*  2  Financing#  2  Credit to*  2 rest of  2 UEconomy' 0 2 Net* 2 Foreign#  2 UAssets' 2  Other- 2  Items 02 U (Net) * ---'-- - >v ---'-- - !  Arial?-2 1!Quarterly change in billion cedis----'-- - >v - -  :*---'---  8+---'---  8+- 5B( NCSEPDLOVI??BIAPBITS-  gC2 u 1st Qtr 1996 - ---'-- - 8+---'-- - 8+5B( ????????NC??SE??PD??LO??VI??BIAPBITS-  2 2nd Qtr 1996 - ---'--- 8+---'--- 8+-  2  3rd Qtr 1996  - ---'-- - 8+---'-- - >v ---'-- - >v - - -'   '  ' . --   - -T  --' --  --' --  -----'---  8v ---'---  8v --  $)  t)t)i - ) t t))---'---  8v ---'---  U !!---'---  t )---'---  t& )- 5B( ~~NCSEPD??LO??VI??BIAP-  .$)D_{   t ttttt{t_tDt)t)5B( ????????????NC??SE??PD??LO??VI??BI- .$)MDR_a{]e_pa ^ g  {_D))M5B( ~~??NCSE??PD??LO??VI- .$)D_{   g ^ap_e{]_aDR)M)-%)t)% )D_{   t%))M% )MDR_a{]e_pa ^ g %)M)% )D_{   g---'-- - t )---'-- - 8v ) t)tt;;;;;00;;II;;aa;;t)t )b)DbD_b_{b{bbbb b  b ----'-- -  Et 72 w (b). Components of Money Supply!=!H=Y===8=!8=!S==88C===8---'-- - 8v ---'-- - 8v ----'-- - 8v   2 Y0% 4 2 10% 4 2 q20% 4 2 30% 4 2 40% 4 2 50% 4 2 60% 4 2 .70% 4 2 80% 4 2 F90% 4 2 i100% 4---'-- - 8v ---'-- - 8v   Arial?- 2 ZDec-95- Arial?- 2 PJan-96- Arial?- 2 V8Feb-96- Arial?- 2 VTMar-96- Arial?- 2 MoApr-96- Arial?- 2 `May-96- Arial?- 2 PJun-96- Arial?- 2 =Jul-96- Arial?- 2 Z Aug-96- Arial?- 2 Z Sep-96----'-- - 8v - -  k ---'---  i ---'---  i - 5B( ~~??NCSE??PD??LO??-  2 " Currency *  ---'-- - i ---'-- - i 5B( ??????????????????NCSE??PD??LO-  b>2 pDemand Deposits* 0 *  ---'--- i ---'--- i 5B( ~~??????NCSE??PD-  ]-2 Savings and Time Deposits'   # 0 *  ---'-- - i ---'-- - 8v ---'-- - 8v - - -'   '  ' . -- S  - -''LWPWin 6.0/OLE 1.0 Prefix Information MarkerExcel.Chart.5ࡱ; \  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[^_`abcdefghijklmnopqrstuvwRoot EntryFYOle 9Book CompObjZ)F! 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"X " $  ' '! # # " "  graphsOMODATA    MbP?_*+%,&APage &P"Fnt??U ]>f@A@ έׂ  &APage &PMHP LaserJet 4/4M D.X"d??3 OMODATAп3""3Q:+P Percent Sold(left axis)Q;Gk Q3   `   4E4""3Q:_P Bid Spread(right axis)Q;kQ3     4E4D FA S 3OY~ 3& 43*4%PIk3O& Q (%Weekly Auction (Jan. 05 -Aug.23,1996)'4%/MO3O& Q Percent Sold at Auction'4523  43" { 3O %3OQ423   44$%3O& Q444A S 3O3 ! 43*4%3Ov& Q High-Low Bid Spread'43" $%3O& Q444%VO3O?& Q 5291-day Bills: Percent sold at Auction & Bid Spread'44 D"@Q@"#R@#$C@$%I@%&L@&?'Y@'?(T@(@)]@)?*S@*@+Y@+?,@X@,?-Y@-?.K@.?/@S@/?0Y@0?1S@1?2Y@2?3@P@3?4Y@4@5R@5?6S@6@7U@7?8Q@89@P@9:X@:;S@;?<L@<=K@=>V@>?S@?@P@@AY@ABY@BCC >      MbP?_*+%,dQ \027EMHP LaserJet Series IIWW4  DLg[5.,,EVICECAPABILITIESdҮ "d,,??U} }  ,4,, ,ׂ,,, , , ,x ,  ,/q  ,  ,SS,,/q,L, ,,,,',1,,?ތ,I,,,f,,,r憾Pct Sold  2 *BOG Treasury Auction Data for 91-day bills C;SALES OF ALL MONEY MARKET SECURITIES FOR 1993, 1994 & 1995Auction at auction!-----------------!-----------------!-----------------!----------------- date dateAuction 346-388   BOG  Yeilds   high_avg low_avg high_low ('MILLION CEDIS)  July 22/94~ "S@ Auction Rediscount    Percent Total !-- !-- !-- !--Aug '94~ "R@   #  Rate  Low  High Average  of Offering MONTH% 1993% 1994% 1995 ~ "@R@       Securities ( Cedis, Mn) High-Avg Low-Avg High-Low~ "F@$ t@ >@ ;@ @@ ;@   Sold @ D D   D D  @ D D !--------!--------!--------!-------- ~ "I@$ t@ >@ ;@ ;@ ;@    D D   D D   D D JANUARY#S#;#<A ~ "R@$ 0t@ >@ ;@ ;@ ;@   ?  D D    D D  ? D D  FEBRUARY #?֠#'#w  Sept '94~ "G@ $  @t@ >@ ;@ <@ ;@   ?  D D     D D   ? D D   MARCH #k##v ~ "T@ $  Pt@ >@ 8@ <@ ;@   ?  D D     D D   @  D D   APRIL ##Gw# ~ "@U@ $  `t@ >@ :@ ;@ ;@     D D     D D   ?  D D   MAY #T@##+ ~ "Y@ $  pt@ >@ ;@ @;@ ;@   ?  D D     D D   ?  D D   JUNE ## k  Oct '94~ "H@ $  t@ >@ ;@ ;@ ;@    D D    D D     D D   JULY#s##] ~ "E@$ t@ >@ ;@ @@ ;@   @ D D   D D  @  D D AUGUST# +#̀ ~ "H@$ t@ >@ ;@ ?@ ;@   @ D D   D D  @ D D  SEPTEMBER##O ~ "L@$ t@ >@ :@ ;@ ;@   ? D D   D D  ? D D OCTOBER#h@#c ~ "F@$ t@ >@ ;@ @@ ;@   @ D D   D D  @ D D NOVEMBER# #[ϊ Nov '94~ "*@$ t@ >@ ;@ ;@ ;@    D D   D D   D D DECEMBER#3#KI ~ "H@$ t@ >@ ;@ <@ ;@   ? D D   D D  ? 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D/ D/ / 0Jan~ 0#<A*0#]YR)/D0D/D/d0*0 v@ @@ ;@ >@ =@"E@ 0"0 ?1 D0 D0 0 1 D0 D0 0 @/ D0 D0 01~ 1#w*1#6;0D1D0D0d1*1 v@ @@ ;@ >@ =@"C@ 1"1 ?2 D1 D1 1 2 D1 D1 1 @0 D1 D1 1 2Mar~ 2#v*2#hvzBH@1D2D1D1d2*2 v@ @@ <@ >@ =@"4@ 2"2 ?3 D2 D2 2 3 D2 D2 2 @1 D2 D2 23~ 3#*3#oE2D3D2D2d3*3 v@ @@ =@ ?@ =@"F@ 3"3 ?4 D3 D3 3 4 D3 D3 3 @2 D3 D3 3 4May~ 4#+*4#W Og]?@3D4D3D3d4*4 v@ @@ <@ =@ =@"P@ 4"4 5 D4 D4 4 5 D4 D4 4 ?3 D4 D4 45 5 5*5 w@ @@ =@ =@ =@"G@ 5"5 6 D5 D5 5 6 D5 D5 5 ?4 D5 D5 56*6 w@ @@ =@ =@ =@"A@ 6"6 7 D6 D6 6 7 D6 D6 6 ?5 D6 D6 67*7 w@ @@ =@ =@ =@"<@ 7"7 8 D7 D7 7 8 D7 D7 7 6 D7 D7 78*8 0w@ C@ =@ =@ =@":@ 8"8 9 D8 D8 8 9 D8 D8 8 7 D8 D8 89*9 @w@ C@ =@ B@ @@"?@ 9"9 @: D9 D9 9 : D9 D9 9 @8 D9 D9 9:*: Pw@ C@ <@ B@ @@"H@ :": @; D: D: : ; D: D: : @9 D: D: :;*; `w@ C@ @@ A@ @@"C@ ;"; ?< D; D; ; < D; D; ; ?: D; D; ;<*< pw@ C@ =@ @@ @@"<@ <"< = D< D< < = D< D< < @; D< D< <=*= w@ C@ @@ @@ @@"N@ ="= > D= D= = > D= D= = < D= D= =>*> w@ C@ @@ @@ @@"H@ >"> ? D> D> > ? 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D D 0'|@'F@'D@(D@(D@(L@( @  D D   D D   D D 0'|@'F@'@D@(@D@(T@(K@(C@  D D   D D   D D 0' |@'F@'@D@(@D@(Y@(V@(@  D D   D D   D D 0'0|@'F@'D@(D@(Y@(S@(@ @33333 D D  @33333 D D   D D 0'@|@'F@'@D@(@D@(^@(P@(|@ `fffff D D  `fffff D D   D D 0'P|@'F@'@D@(@D@(c@(Y@(d@ @33333 D D  @33333 D D   D D 0'`|@'F@'@(@(E@(Y@(@ @33333 D D  @33333 D D   D D 0'p|@'F@'T@(T@(w@((C@ fffffֿ D D  fffffֿ D D   D D ~ '|@ (~ 'D@ ((((~ '|@ (~ 'D@ ((((~ '|@ (~ 'D@ ((((~ '|@ (~ 'D@ ((((~ '|@ (~ 'D@ ((((~ '|@ (~ 'D@ ((((~ '|@ (~ 'D@ ((((~ '|@ ((((((~ '}@ ((((((~ '}@ ((((((~ ' }@ ((((((~ '0}@ ((((((E S B BONDS REDEMPTIONS~ '@}@ (((((( ------------- -------------~ 'P}@ ((((((4,PROCESSED APPLICATIONS AS AT AUGUST 30, 1994~ '`}@ (((((( - - -~ 'p}@ ~ '}@ ~ '}@  -- -- --~ '}@ D-l>>>RRRR>>>>>_lt_>>,4,, ,ׂ,,, , ,,x, ,/q , ,SS,,/q,L, ,,,,',1,,?ތ,I,,,f SUBMITTING NUMBER OF AMOUNT~ '}@ BANK BONDS MILLION CEDIS~ '}@------------------------~ '}@ B B G~ @q=*˔/A~ '}@   ~ '}@S C B ~ @33cjA~ '~@~ '~@ S S B~ F@)\qA~ ' ~@~ '0~@ B O G~ x@p=hA~ '@~@~ 'P~@ B H C~ @둍QA~ '`~@~ 'p~@ A D B~ |@ף+X0A~ '~@~ '~@ N I B~ @i@ףpAͮA~ '~@~ '~@ M B G~ @fffςA~ '~@~ '~@ G C B~ @RxA~ '~@~ '~@M B B ~ $@Q8隕A~ '@~ '@ B C C@Ɔ~ ' @~ '0@ CO-OP~ @)\vP A~ '@@ -- - TOTAL!@X@ %!q= A4 %&------------------------------&------------------------------>' 0`\^S=T(S(S(S(S(S(S(S(T(I(S;q> Q A bJ  QQQ????mqq     "  ࡱ; BOlePartOlePres000]4@B 4 @R   '  ' -  -- !-- !-'-  -- !-((- !(-<<- !<-PP- !P-dd- !d-xx- !x-- !-- !-- !-- !-- !-- !-- !-- !-PP- !P-- !-- !-@@- !@-- !-- !-00- !0-- !-'- Courier--"System-'-- Courier----   h---' -- - ---' -- - ---'-- - b---'-- - b---'-- - b-  -  $A+1+1AA+K>r- +A+11A+A---'-- - b---'-- - ]---'-- - 2+A---'-- - 1)A- 5B( ` t ldt wwctn ww--  ` $ELLEE$TZZTT$biibb$qwwqq$$MMM$ttt$---$~~~$SSS$XXX$SSS$$  $SSS$ ~&~&  ~$.S5S5..S$=DD==$LSRSRLLS$ZaaZZ$i|o|oii|$wr~r~wwr$$$TTT$|||$$$fff$~~~$$ SS  S$SSS---'---  ` 2+A---'---  ` b-  +A AArial- >D>D>D>Dz>zDS>SD+>+DA1 Arial- AAPP^^mm{{  **99HHVVeess""11+11- .4.4.4.4.4.4.4r.r4Z.Z4C.C4+.+4---'- --  ]---'- --  2+A---'- --  7&<- - H Wet#2@+O]Cl{ *H-  $HKHEHW$WZWTWe$ehebet$twtqt$$$$$$$$$$ $#$#&# #2$252/2@$@C@=@+O$O(R+O.L+O(]$]`]Z]Cl$l@oClFiCl@{${~{x{$$$$$$$$$ $    $*$*-*'*---'- - - 2+A---'- - - bArial׼- ---'- - - #   R2 291-day Bills: Percent sold at Auction & Bid Spread      ---'- - - b---'- - - b---'- - - b- ---'- - - b  2 /0 2 )20 2 )40 2 )60 2 s)80 2 L#100 2 $#120---'- - - b- ---'- - - b  Arial- 2 (A1-   Arial- 2 (^3-   Arial- 2 (|5-   Arial- 2 (7-   Arial- 2 (9-   Arial- 2 .11-   Arial- 2 .13-   Arial- 2 .15-   Arial- 2 .+17-   Arial- 2 .H19-   Arial- 2 .e21-   Arial- 2 .23-   Arial- 2 .25-   Arial- 2 .27-   Arial- 2 .29-   Arial- 2 .31-   Arial- 2 .33-  ---'- - - bArial- ---'- - -  ?2 3%Weekly Auction (Jan. 05 -Aug.23,1996) ---'- - - b---'- - - !_  Arial-2 Percent Sold at Auction- ---'- - - b- ---'- - - b  2 90 2 90.5 2 91 2 91.5 2 92 2 92.5 2 93 2 k93.5 2 S94 2 <94.5 2 $95---'- - - b- ---'- - - ]fH Arial-2 KHigh-Low Bid Spread- ---'- - - b- - -   L>r---'- --  ---'- --  - 5B( ` toantwwtleltowwoccurfromthisas-  ` JC *2 ?Percent Sold(left axis)---'- - - ---'- - - FA F\FN-  $NCQFNIKFNC (2 ?_Bid Spread(right axis)---'- -- ---'- -- b---'- -- b- - -'  '  ' --   g~- -'edictable.Clearlytheimplemenࡱ;  METAFILEPICT@B4@B  @R   '  ' -  -- !-- !-'-  -- !-((- !(-<<- !<-PP- !P-dd- !d-xx- !x-- !-- !-- !-- !-- !-- !-- !-- !-PP- !P-- !-- !-@@- !@-- !-- !-00- !0-- !-'- Courier--"System-'-- Courier----   h---' -- - ---' -- - ---'-- - b---'-- - b---'-- - b-  -  $A+1+1AA+K>r- +A+11A+A---'-- - b---'-- - ]---'-- - 2+A---'-- - 1)A- 5B( ` t ldt wwctn ww--  ` $ELLEE$TZZTT$biibb$qwwqq$$MMM$ttt$---$~~~$SSS$XXX$SSS$$  $SSS$ ~&~&  ~$.S5S5..S$=DD==$LSRSRLLS$ZaaZZ$i|o|oii|$wr~r~wwr$$$TTT$|||$$$fff$~~~$$ SS  S$SSS---'---  ` 2+A---'---  ` b-  +A AArial- >D>D>D>Dz>zDS>SD+>+DA1 Arial- AAPP^^mm{{  **99HHVVeess""11+11- .4.4.4.4.4.4.4r.r4Z.Z4C.C4+.+4---'- --  ]---'- --  2+A---'- --  7&<- - H Wet#2@+O]Cl{ *H-  $HKHEHW$WZWTWe$ehebet$twtqt$$$$$$$$$$ $#$#&# #2$252/2@$@C@=@+O$O(R+O.L+O(]$]`]Z]Cl$l@oClFiCl@{${~{x{$$$$$$$$$ $    $*$*-*'*---'- - - 2+A---'- - - bArial׼- ---'- - -