Ethiopian Foreign Exchange Reserves have reached around $6 billion. The total forex reserve in all banks in Ethiopia have risen to $5.8 billion. In July this year, the FX reserves were around $3.1 billion. The details of FX were in an interview by Mamo Mehretu, the chief of the National Bank of Ethiopia. The Ethiopian foreign exchange reserves rose after the Ethiopian government signed financing agreements with IMF and World Bank.
NBE alone fetched $ 2 billion in the past two months, its deposit stands around $3.4 billion. National Bank of Ethiopia’s foreign exchange reserves rose from $1.4 billion to $3.4 billion after macroeconomic reforms were introduced by the Ethiopian government in July this year.
In the last three months, banks bought $1.4 billion forex and sold $1.7 billion, according to Mamo Mehretu. The banks have cleared all their forex arrears since the macroeconomic reform were introduced three months ago, said the NBE chief.
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