FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo


Nov 24 , 2024

Dashen Bucks the Trend as Forex Market Tightens Grip on the Birr

Over the past week, the Brewed Buck has been under intensifying pressure, revealing cracks in the foreign exchange market. Banks were seen adopting varied tactics to respond to the scarcity of dollars, with Dashen Bank emerging as a notable outlier in its aggressive pricing strategies. In the six...

Nov 16 , 2024

Banks Tiptoe Around the Forex Tightrope, but Dashen Dances to Its Own Tune

The foreign exchange market remained notably stable last week, with only subtle fluctuations in the value of the Brewed Buck against the Green Buck. Banks maintained a uniform spread over the six days starting November 11, 2024, adhering to a two percent margin between buying and selling rates. The National Bank of Ethiopia's (NBE) firm regulation imposes uniformity, hoping to prevent excessive volatility during mounting economic pressures. Governor Mamo Mihiretu's cautious position signalled his intent to manage expectations and discourage speculative activities that could fuel inflation....


Nov 9 , 2024

Banks Push the Birr to New Lows, Reform Remains a Far-Off Hope

Over the past week, the Brewed Buck has extended its persistent decline against the Green Buck. Between November 4 and 9, 2024, banks posted progressively higher exchange rates, manifesting mounting pressure on the currency during the unabated foreign exchange crunch and macroeconomic headwinds. The six-day average buying rate for the Birr registered around 120.66 against the dollar, while the selling rate averaged 122.98 Br. Initial buying rates started near 119 Br at some banks, edging upward in almost uniform increments daily. The steady climb came from intensifying strain on importers,...


Nov 3 , 2024

Banks Carve Out Forex Market with High Rollers, Middlemen, and Bargain Hunters

Over six days last week, the Brewed Buck has been on a subtle slide against the U.S. Dollar, with daily fluctuations displaying a persistent weakening trend. Banks have been adjusting their cash and transaction rates daily, manifesting localised inflationary pressures and responses to a scarcity of dollars in the foreign exchange market. Commercial banks can broadly be classified into three tiers based on foreign exchange rate patterns last week. Leading banks like Oromia, Abay, and Dashen consistently posted rates above the industry average, uncovering aggressive forex procurement strat...

Money Market Watch

Oct 27 , 2024

CBE, Oromia Bank Break Ranks as the Brewed Buck Buckles

The Brewed Buck's persistent depreciation against the U.S. Dollar persisted over the past week, demonstrating an ongoing struggle with foreign currency shortages and mounting import pressure. The Birr...

Oct 20 , 2024

Mid-tier Banks Outmaneuver Heavyweights as Pressures Mount on Brewed Buck

The Brewed Buck slid noticeably against the U.S. Dollar over the past week, revealing shifts in the foreign exchange market during evolving banking strategies and the Central Bank's interventions. Bet...

Oct 13 , 2024

Brewed Buck on the Ropes as Banks Play Hardball in the Forex Frenzy

The Brewed Buck continued its steep decline against the U.S. Dollar last week, a slide that has accelerated since the National Bank of Ethiopia (NBE) liberalised the exchange market in late July. Desp...

Oct 6 , 2024

Birrs Steep Slide Fuels a Battle of Wills, Rising Costs

Last week, Birr experienced pronounced volatility against the U.S. Dollar, revealing deep-seated structural imbalances and an immediate liquidity crunch in the foreign exchange market. The turbulence...

Sep 28 , 2024

Banks Remain in a Desperate Scramble as Birr Continues to Bite the Dust

The Birr has continued spiralling downward against the U.S. Dollar over the past week, deepening the predicaments facing the country's financial system since the authorities liberalised the foreign ex...

Sep 22 , 2024

Wild Swings in Birr Rates Reveal Whos Playing It Safe

The foreign exchange market plunged into volatility last week in the aftermath of the Central Bank's decision to float the Birr, leading to sharp disparities in exchange rates among commercial banks....

Sep 14 , 2024

Banks Woo Forex Remitters Amid Holiday Calm as Birr Continues Slide

Birr's relentless depreciation against the U.S. Dollar took a brief pause last week as the New Year holiday introduced an unusual calm to the forex market. Yet, beneath the surface, banks were intensi...

Sep 8 , 2024

Banks Push Boundaries with Widening Forex Spread

The Birr's depreciation against the US dollar has notably accelerated over the past week, unfolding the economic impact of the central bank's decision to float the currency a month ago. Following the...

Sep 1 , 2024

In a Tailspin, Birr Continues to Float into a Sea of Uncertainty

The Birr has continued to see a sharp depreciation against the U.S. dollar over the six days last week, exposing the economy's fragility following the National Bank of Ethiopia's (NBE) decision to flo...

Aug 25 , 2024

Birr Learns the Hard Way That Gravity Isnt Only for Apples

The Birr has faced a precipitous depreciation against the US dollar over the six days last week, a period marked by policy shifts in the foreign exchange market. From August 19 to August 24, 2024, the...

Aug 18 , 2024

Forex Volatility Reveal Birr's Struggle to Find Footing

The Birr took a notable tumble over six days last week, marking a continued turbulent time in recent memory. The National Bank of Ethiopia's (NBE) decision to float the currency, a historic move that...

Aug 11 , 2024

Buying, Not Selling Banks

The Birr experienced extraordinary but understandable volatility last week, reflecting broader government monetary policy changes. Between August 5 and 10, 2024, the currency saw a steep decline again...


Most read

Columns

Commentaries | Nov 23,2024

Construction Sector's Ambitious Skylines, Fragile Foundations Could Lead to a Costly Legacy

Life Matters | Nov 23,2024

Hunger With Ambitions to End It

My Opinion | Nov 23,2024

Blossoming Exports Caught Under Thorny Debates Over Land, Employment, Legacy

Sunday with Eden | Nov 23,2024

Beyond the Gates of Society's Neglect

Agenda | Nov 24,2024

Mercato's Taxing Transformation Tests Tax Authorities

Editorial | Nov 23,2024

During Taxing Times, Tax Hunt Tests the Limits of an Unsteady Economy


         ADVERTISEMENT

Read More

During Taxing Times, Tax Hunt Tests the Limits of an Unsteady Economy

The fiscal puzzle deepens as the Council of Ministers approved a supplementary budget of ...

Editorial | Nov 23 , 2024

Independent Forex Bureaus Offer Valued Choice

Waktole Abdulahi, a long-time resident of Norway, was relieved when he was able to secure...

Featured | Nov 16 , 2024 . By KALKIDAN NEGASH

Mercato's Taxing Transformation Tests Tax Authorities

Business owners in Mercato, the largest open market, were left stunned by a sudden gridloc...

Agenda | Nov 24 , 2024 . By AKSAH ITALO

TAXING TIMES AT MERCATO

Business owners in Mercato were reeling from a crackdown on tax compliance that has disrup...

Fortune News | Nov 24 , 2024

Back
WhatsApp
Telegram
Email