Addis Ababa, Ethiopia – The National Bank of Ethiopia (NBE) has announced that the average exchange rate for the US dollar reached 135.6185 Birr following a special foreign exchange auction. This latest round of bidding saw the participation of 27 commercial banks, reflecting significant market engagement in the central bank’s ongoing efforts to regulate the forex market.
High Demand and Market Participation
The National Bank emphasized the high level of participation in the auction, noting that this mechanism is part of a broader strategy aimed at enhancing foreign currency availability and ensuring exchange rate stability. By allowing banks to bid competitively for foreign exchange, the auction process is intended to create a more transparent and market-driven forex system.
The NBE stated that it will continue to conduct foreign exchange auctions as necessary, adjusting the frequency and volume of transactions based on market conditions and the country’s broader monetary policy objectives.
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