National Bank of Ethiopia NBE today held first auction of dollars to private banks. The bank announced that at the price of 107.9 birr for 1$, it sold dollars to private banks.
The governor of the National Bank, Mamo Mehretu, said in his message when announcing the results of the special foreign currency auction held by the bank that he was pleased to see a narrowing gap between official currency exchange market and parallel market (black market). He did not disclose how many dollars were sold to banks.
“The Special FX Auction saw the participation of 27 banks. The weighted average rate of all successful bids was Birr 107.9 per US Dollar. Per NBE’s daily practice of updating exchange rates based on FX market activity in the banking system, transactions conducted under today’s auction will be reflected in the Indicative Daily Exchange Rate posted tomorrow August 8, 2024,” the NBE said in a statement.
The Governor hoped that the banks which bought foreign currency in today’s auction would ensure availability of the foreign currency to customers. “We are also pleased to see a growing number of banks making foreign exchange available to their customers by approving past import requests and accepting new import requests; we anticipate and indeed expect more banks will follow this trend over the coming weeks and that they will do so with increasingly larger FX volumes,” the National Bank of Ethiopia said.
It remains to be seen at which price the banks would sell dollars to customers. In the last 10 days, different banks have been releasing different dollar sale rates.
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Birr Exchange Rates in Parallel Market Today
Ahmed Lake 0949187181🙏🙏🙏1000409408196
That could be right. The blackmarket was a monopoly, so it had more leverage. If Ethiopia can sustain a rate below the blackmarket, than that would be a clear victory for the government.
Hybrid.
Girma
Hi
Tanks to