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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 exchange market in July this year. The currency's rapid depreciation has laid bare underlying economic...

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. The spread between buying and selling rates varied widely — from as low as 3.4pc to as high as 16.5pc — uncovering inconsistent responses from banks to the new market conditions. Over six days, the Birr depreciated dramatically against major currencies, including the U.S. Dollar. The shift reflected the market turbulence caused by the policy change allowing the Birr to float freely, marking...


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 intensifying efforts to counter the thriving parallel market by offering lucrative incentives to attract foreign currency inflows through official channels. The New Year, celebrated on September 11, effectively paused much of the market activities, bringing a subdued atmosphere to the forex market. The temporary calm provided a respite from the relentless pressure on the Birr. However, the underlying...


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 major policy shift, liberalising the foreign exchange market, the market has seen rapid fluctuations in exchange rates, with the Birr losing value steadily. Between September 2 and 7, 2024, a downward trend was observed as the Birr weakened across both buying and selling rates. A comparative analysis of the exchange rates posted by 17 commercial banks revealed a depreciation pattern that, while...

Money Market Watch

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...


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