The National Bank of Ethiopia held its biweekly foreign exchange auction last week to supply commercial banks with U.S. dollars. Twenty-one banks participated, collectively requesting 94.7 million dollars, but the central bank was able to allocate only 70 million, leaving a shortfall of 24.7 million dollars. Only 15 banks secured currency at a weighted average rate of 154.920 Br per dollar, with bids ranging from 153 to 155 Br. The auction underscores continued pressure on foreign currency availability, as demand outpaces supply and banks compete for limited dollars.
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