The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had offered 50 million dollars. During that auction, in which 12 banks participated, the birr traded at 131.71 against the dollar. This was the fourth auction since authorities floated the currency regime in late July of last year. In today’s statement, the National Bank disclosed that the next exchange auction will be held in two weeks.
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