Addis Ababa, March 31, 2025 – The National Bank of Ethiopia (NBE) has announced the launch of a bi-weekly foreign exchange auction system aimed at strengthening the country’s foreign exchange market and supporting macroeconomic stability.
Starting April 1, 2025, the central bank will conduct foreign exchange (FX) auctions every two weeks, providing the private sector with greater access to hard currency. The initial auction will offer $50 million, with subsequent auctions expected to continue over the coming months.
This strategic move comes in the wake of significant improvements in Ethiopia’s balance of payments position, following a comprehensive macroeconomic reform program launched in July 2024. The NBE highlighted rising exports, increased remittances, and higher capital inflows as key contributors to the stronger FX reserves now held by the central bank.
Of particular note is the record delivery of high-quality gold to the NBE, the sole authorized gold exporter in the country. This has substantially boosted the central bank’s gold holdings and increased foreign exchange reserves beyond expectations.
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