The weighted average bid submitted by 14 commercial banks reached 157 Birr per U.S. dollar in the National Bank of Ethiopia's latest foreign exchange auction held on Wednesday.
The central bank offered USD 100 million for sale, attracting total bids worth USD 160.5 million. Nine commercial banks secured allocations, while the lowest successful bid was 152 Birr per U.S. dollar.
The auction was the 24th conducted since August 2024, when the National Bank of Ethiopia began selling foreign currency to commercial banks as part of the government's broader economic reform program.
From The Reporter Magazine
- Absentee Ballots, Distant Candidates Published on 2026-05-30 By Bewket Abebe
- Lower Inflation Is Not Lower Living Cost Published on 2026-06-04 By Samson Berhane
- 25-Year Sentences & Retroactive Laws: Controversial Draft Law Sparks Fears of Growing Authoritarianism in Tigray Published on 2026-06-21 By Yared Nigussie
- Zero Tariffs, High Hurdles Published on 2026-06-04 By Yared Nigussie
