馃嚜馃嚬EthiopiaEast Africa
National Bank of Ethiopia's latest forex auction sees average bid of 158 Birr per US dollar
via The Reporter Ethiopia1 min read
In its 23rd foreign currency auction since August 2024, the National Bank of Ethiopia NBE recorded a weighted average bid of 158 Birr per US dollar from sixteen commercial banks. This auction, which was postponed from last week, offered USD 100 million, with eight banks submitting successful bids. The lowest successful bid was 157.99 Birr per USD. This amount represents a significant decrease from the previous auction, where the NBE offered USD 500 million. The NBE's foreign currency sales to commercial banks are part of the government's economic reforms and an ongoing IMF program. The next auction, also valued at USD 100 million, is scheduled for June 24, 2026.
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This summary was AI-generated from a story originally published by The Reporter Ethiopia.
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