Orabank Togo to launch a new product to protect importers and exporters against foreign exchange fluctuations

Banking

Thursday, 07 April 2022 12:41

Orabank Togo to launch a new product to protect importers and exporters against foreign exchange fluctuations

(Togo First) - To shield economic operators (importers and exporters) against fluctuating foreign exchange rates, Orabank Togo recently launched a new product called “forward exchange”’(change à terme). The new offer, which the lender claims to be its “flagship product of the year”, will fix, in advance, the exchange rate in the framework of currency purchase.

In effect, it will be possible to fix the rate of the currency concerned against the local currency, for a specific future maturity or a series of possible partial payments. For the subsidiary of the pan-African banking group Oragroup, "it's the perfect momentum, especially with everything that's going on internationally" (Russian-Ukrainian conflict, editor's note).

“We have noticed that the dollar, which is our main payment currency abroad, besides the euro, has undergone a lot of fluctuations and in proportions still quite significant,” said the director of Orabank Togo’s trading room.

Available in two options, "dry" and "flexible", the new product will initially be operational for three foreign currencies: the US and Canadian dollars, and the British pound.

In Togo, Orabank regularly occupies the top positions in the banking landscape. The institution was crowned "Best Bank in Togo in 2021" by the financial magazine Global Finance, and claimed for its last fiscal year, a total balance sheet of 746 billion CFA francs (36 billion more than in 2020) and an outstanding loan portfolio valued at 381 billion, slightly down.

Octave A. Bruce

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