The National Bank of Ethiopia (NBE) is continuing its push to stabilise the foreign exchange market, injecting millions of dollarss into the economy through a series of currency auctions. According to official data, the latest auction was held on May 7, 2025, during which 60 million dollars was supplied to 16 participating banks at an average exchange rate of 132.9643 Br per dollar. In the previous month, the NBE held two auctions: 70 million dollars was offered on April 16 to 26 banks at an average rate of 131.4961 Br per dollar, and 50 million dollars on April 1 to 12 banks at a rate of 131.71 Br per dollar. Additional auctions were conducted earlier in the year and last year. On February 25, 2025, 60 million dollars was offered to 27 banks at an average rate of 135.61 Br per dollar. On August 7, 2024, 50 million dollars was auctioned to 27 banks at a rate of 107.9 Br per dollar. The May 7 auction saw a decline in participation, with only 16 banks involved—down from 26 in the previous round—marking a notable drop in engagement. Nonetheless, these auctions reflect the NBE’s continued efforts to ensure sufficient foreign currency supply and maintain exchange rate stability. Officials expect the trend to have a positive impact on economic growth, particularly by easing import pressures and supporting private sector operations.
[ssba-buttons]
Loading your updates...