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.

Share This Post

Facebook

Twitter

Google+

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

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

Related Posts

Most read

Latest News

Editor's pick

Commentaries

Fossil Fuels Arent Going Anywhere Despite Great Energy Transition Myth

Conflicts Upend Growth Story, Plunging Development Goals into Jeopardy

Fineline

Leaders of the National . . .

When the country’s most. . .

Editorial

Addis Abeba's Gleaming Facade Masks a Parched Metropolis

When More of Everything Leaves Less in the Bank

Fueling Reform, the Petroleum Sector Caught Between Monopoly Missteps, Market Liberalisation

Crafting Public Service Reward in a Cash-Strapped Economy

Gallery

Parliament Approves New Cabinet Members

Sunday With Eden

Overcoming Emotional Impulses in Decision-Making

The Daily Struggles of Power Outages, Water Shortages

Life Matters

Inadequate Regulation Leaves Tenants Vulnerable to Arbitrary Rental Hikes

Lasting Treatments Instead of Temporary Relief

Drop us a message

COVID UPDATE

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

Fossil Fuels Arent Going Anywhere Despite Great Energy Transition Myth

Conflicts Upend Growth Story, Plunging Development Goals into Jeopardy

Leaders of the National . . .

When the country’s most. . .

Addis Abeba's Gleaming Facade Masks a Parched Metropolis

When More of Everything Leaves Less in the Bank

Fueling Reform, the Petroleum Sector Caught Between Monopoly Missteps, Market Liberalisation

Crafting Public Service Reward in a Cash-Strapped Economy

Parliament Approves New Cabinet Members

Overcoming Emotional Impulses in Decision-Making

The Daily Struggles of Power Outages, Water Shortages

Inadequate Regulation Leaves Tenants Vulnerable to Arbitrary Rental Hikes

Lasting Treatments Instead of Temporary Relief

Drop us a message

COVID UPDATE

Recommend Links;