A dollar value against the Birr exceeds 135 during an auction the Central Bank held last week, offering 60 million dollars. Close to 27 banks made their bid where the weighted average was 135.61 Br for a dollar. The National Bank of Ethiopia (NBE) announced the results of the special foreign exchange auction, the second since monetary authorities floated the forex regime in early August last year. Last week's result reflects a weaker Birr than in the first when the average rate was 107.9 Br. According to a statement the Central Bank issued following the auction, it “supports its ongoing efforts to manage foreign exchange liquidity and bolster economic stability.” The Bank attributed an improved balance of payments to rising export revenues, steady remittances, and stronger capital inflows. They also credited a surge in gold deliveries for higher foreign currency reserves “beyond earlier expectations.” However, the Birr remained exchanged at an average of 125.01 Br (buying rate) a dollar in the official market last week.

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