In a move signaling increased momentum in foreign currency management, the National Bank of Ethiopia (NBE) has announced plans to hold its ninth foreign exchange (forex) auction, scheduled for Tuesday, August 5, 2025. The central bank has allocated $150 million USD for this round—tripling the amount offered in the previous auction.
This decision follows a notable rise in foreign currency inflows at the start of Ethiopia’s new fiscal year, which began on July 8. Officials say the auction aims to stabilize the forex market and address pent-up demand among importers and other dollar-dependent sectors.
Background and Trends
NBE had paused forex auctions for over a month after conducting its eighth round, which released $50 million USD. In that round, the official exchange rate stood at 136.62 Ethiopian Birr per US dollar—a figure significantly higher than the central bank’s reference rate, reflecting ongoing depreciation pressures and high demand for foreign currency.
Despite previous government pledges to move toward a more flexible and market-based exchange rate regime, Ethiopia still operates a managed float system, where NBE intermittently supplies hard currency through controlled auctions to selected sectors like fuel, medicine, and telecom equipment.
13 thoughts on “National Bank of Ethiopia Announces $150 Million Forex Auction to Ease Currency Pressure”
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