The National Bank of Ethiopia (NBE) introduced the new gold pricing system in Ethiopia. NBE has reformed its gold market to improve the purchasing process for gold suppliers. In a recent statement, the bank announced that these reforms focus on gold purchased through its central and regional gold procurement branches.
Under the new gold pricing system, the NBE will set the purchase price of gold based on the daily foreign currency exchange rates published on the website. This change means that the price of gold will fluctuate daily, reflecting current market conditions. By implementing this adjustment, the NBE aims to create a more transparent and fair pricing system for suppliers. This will ensure that they receive competitive rates for their gold.
By aligning gold prices with international market rates, the NBE may want to encourage more suppliers to engage with official channels.
This new gold pricing system by NBE will take effect on August 27, 2024.
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