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Central Bank Sets Winning Forex Rate at 107.9 Br for a Dollar

Aug 7 , 2024

The National Bank of Ethiopia (NBE) concluded its special foreign exchange (FX) auction today with a weighted average rate of 107.9 Br for Dollar, recieving bids from 27 banks.

In a statement he issued today, Governor Mamo Mihretu stated the effort to narrow the gap between official and parallel market rates, marking a critical step towards exchange rate stability. This development is seen as a cornerstone of the NBE's broader macroeconomic reforms targeting volatile foreign exchange transactions into the formal banking sector.

The Governor also noted the encouraging rise in FX transaction volumes, with more banks facilitating foreign exchange access for their customers.

The trend is anticipated to continue, supporting import activities and enhancing foreign exchange liquidity.

However, the central bank was reserved from disclosing how much forex it has availed for the auction.

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