17 August 2018

Ethiopia: Bank Says Exchanges Unprecedented Amount Currency

Photo: Addis Fortune
The Commercial Bank of Ethiopia in Addis Ababa (file photo).

ADDIS ABABA- Commercial Bank of Ethiopia announced that it has exchanged an unprecedented amount of foreign currency over the last twenty two days.

Bank Communication Director Belihu Takele told The Ethiopian Herald that in the days prior to Prime Minister Dr. Abiy Ahmed's call to the public, to use formal forex channels; the Bank exchanged an average of 650,000 USD daily.

"Following his call, we exchanged, on average, 3.9 million USD a day from July 15-26, 2018."

In sum, nearly 35 million USD was exchanged in the eleven days, according to him.

However, there is some decline in the amount exchanged between July 27 and August 8, 2018.

Hence, it exchanged, on average, 2.7 million USD a day, he said. "In the eleven days the Bank exchanged over 22 million USD."

Such foreign currency exchange is common only during grand public holidays but the current one is unprecedented, according to him.

The foreign currency would enhance the economy while helping the importation of basic consumption goods such as oil, wheat as well as industrial and agricultural inputs including fertilizer, he noted.

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