US Dollar Selling Price Falls in Ethiopia after Action by NBE

The selling price of US Dollar and other foreign currencies in Ethiopia fell significantly after the National Bank of Ethiopia (NBE) announced new guidelines for private banks to determine foreign exchange rates last night.

The National Bank of Ethiopia reminded commercial banks that the difference between the price at which they buy and sell foreign currency should not exceed two percent. That led to immediate decrease in the selling price of US dollar and other foreign currencies this morning when banks released new foreign exchange rates.

Commercial Bank of Ethiopia decreased US dollar selling price from 123.6353 to 115.3934 birr, while Cooperative Bank of Oromia decreased it from 126.5776 to 115.3452 birr. Other banks have also lowered their dollar selling price significantly.

The banks have further been directed to inform their customers of the commissions they charge in relation to the sale of foreign currency, not with the sale of foreign currency, but separately. The new directions by the National Bank of Ethiopia were issued last night and banks were told to comply by today.

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