The National Bank of Ethiopia (NBE) has announced the results of its latest foreign exchange auction, allocating USD 70 million to participating banks as part of its ongoing efforts to stabilize the forex market and improve access to hard currency.
According to the official statement released on Tuesday, the total bid amount submitted by commercial banks reached USD 241.52 million, highlighting continued strong demand for foreign exchange across the banking sector.
Strong Demand, Limited Allocation
The auction attracted 30 participating banks, but only 9 banks secured foreign currency allocations, reflecting a highly competitive bidding environment.
The key auction metrics reveal the pricing dynamics:
- Marginal (cut-off) rate: 157.0183 Birr/USD
- Weighted average rate: 157.4654 Birr/USD
- Highest bid: 158.5000 Birr/USD
- Lowest bid: 154.5000 Birr/USD
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