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This development comes as part of the central bank’s ongoing managed forex auction system aimed at addressing Ethiopia’s foreign currency shortages while ensuring fair and market-reflective pricing. The weighted average rate reflects the mean of all successful bids submitted by participating banks.
According to the announcement, the NBE continues to implement periodic forex auctions in a bid to gradually align the official exchange rate with market conditions, improve transparency, and promote efficiency in foreign currency distribution.
While the central bank did not disclose the total volume of currency traded in this round, the allocation to 11 banks signals a continued demand for hard currency amid a challenging macroeconomic environment marked by import pressures and limited foreign reserves.
For more information and official updates, visit nbe.gov.et.
