Addis Ababa, Ethiopia – February 24, 2025 – The National Bank of Ethiopia (NBE) has announced that it will conduct a Special Foreign Exchange Auction on February 25, 2025, with a total offering of $60 million. The auction is open to participation by all banks.
According to the NBE, the auction follows the implementation of a macroeconomic reform program launched in July 2024. The central bank stated that Ethiopia’s balance of payments position has shown steady improvement, supported by rising exports, remittances, and capital inflows. The delivery of record-high gold supplies to the NBE, which serves as the country’s sole authorized gold exporter, has also contributed to an increase in foreign exchange reserves.
The NBE stated that the foreign exchange auction aims to manage monetary growth and maintain market stability. The central bank noted that the increase in foreign exchange inflows should not interfere with monetary policy targets. The sale of foreign exchange to banks is intended to support market liquidity while maintaining the existing monetary policy stance.
The NBE further stated that it will continue monitoring market conditions and may conduct additional foreign exchange sales if necessary to meet its economic policy objectives.
Auction Details
- Date: Tuesday, February 25, 2025
- Email Submission: fxauction@nbe.gov.et
- Bid Submission Period: 10:00 AM – 12:00 NOON
- Bid Results Announcement: 3:00 PM
- Settlement: End of day, February 25, 2025
The NBE has invited interested banks to submit their bids within the specified time frame. Further updates will be provided based on market conditions.
