The National Bank of Ethiopia has implemented significant reforms to its foreign exchange management system. The new approach shifts to a market-based model, allowing banks and their customers to negotiate exchange rates.
So far, several private banks have not announced their daily exchange rates.
Only Awash Bank and Bank of Oromia, one of the private banks, have announced their foreign exchange rates based on a policy amendment.
The rates announced by Awash Bank and the Bank of Oromia closely align with those provided by the Commercial Bank of Ethiopia earlier in the day, indicating a broader trend among financial institutions to standardize exchange rates.
Below are the exchange rates of Awash Bank and Cooperative Bank of Oromia for August 03, 2024.
Specifically, Awash Bank and Bank of Oromia are purchasing one US dollar for 96.3011 birr and 97.7329 birr and selling it for 106.8941 birr and 107.5062 birr, respectively. This competitive pricing reflects the bank’s strategy to attract both individual and corporate clients looking to engage in foreign currency transactions.
Moreover, Awash Bank and Bank of Oromia are purchasing one British pound for 118.3897 birr and 100.1251 birr and selling it for 131.4126 birr and 110.1376 birr, respectively.
For one Euro, Awash Bank and Bank of Oromia are purchasing one Euro for 104.4193 birr and 97.1409 birr and selling it for 115.9055 birr and 106.8550 birr, respectively.
Overall, the timely announcement of exchange rates by Awash Bank and Bank of Oromia not only enhances customer confidence but also positions the bank as a reliable player in the competitive foreign exchange market.
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014251302330000 awsha banks
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Ethiopia will never change, for Millenia, it’s still a communist based economic model. We in the Somali Region or State will always play by the free market FX of free Somali interprise. Awash Bank & Oromo bank rate are not reality market based.
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