Addis Ababa, August 7, 2024 – The National Bank of Ethiopia (NBE) has successfully concluded its Special Foreign Exchange (FX) Auction, revealing a weighted average rate of Birr 107.9 per US Dollar. The auction, which took place today, saw participation from 27 banks.
The NBE’s daily practice of updating exchange rates based on FX market activity will see today’s auction results reflected in the Indicative Daily Exchange Rate, to be posted tomorrow, August 8, 2024.
Governor Mamo Mihretu highlighted the significance of the auction results, stating, “We are pleased to see a substantial narrowing of the gap between bank exchange rates and parallel market rates over the past week, as well as meaningful progress towards exchange rate stability. This is precisely what our macroeconomic reforms intended to achieve—namely to ensure that most FX transaction activity can shift to the banking system, thereby helping both the exporters bringing in foreign exchange as well as the many companies and entrepreneurs seeking foreign exchange.”
Additionally, the Governor expressed optimism about the growth in FX transaction volumes, noting an increase in banks accepting new import requests. He anticipates that more banks will follow this trend in the coming weeks, contributing to larger FX volumes.
For further details, visit nbe.gov.et.
