The National Bank of Ethiopia sold USD 140 million to commercial banks today in its 31st dollar sale. Banks asked for a total of USD 150.83 million, about USD 10.83 million more than was available.

Demand was a little lower than two weeks ago. On October 13, the central bank also offered USD 140 million, and banks asked for USD 152.09 million.

Prices are holding steady

The lowest price at which a bank still won dollars today was 158.18 birr per dollar. On October 13 it was 158.17 birr, and in September it was 158.07 birr, so the price is barely moving.

On average, winning banks paid 159.70 birr per dollar today, down from 160.11 birr on October 13 and 160.23 birr in September. That is the second drop in a row. Banks are paying a bit less even though more dollars are on offer.

Banks’ offers also moved much closer together. Today the highest offer was 161.00 birr and the lowest was 158.18 birr, a difference of under 3 birr. Two weeks ago, offers ranged from 153 to 160.99 birr, a gap of almost 8 birr. Banks now seem to have a clearer idea of what dollars cost.

More banks are taking part

Thirty banks took part today, and 28 got dollars. Two weeks ago, 29 banks took part and 26 got dollars.

That is a big change from August. In the August 12 sale, 28 banks competed for USD 125 million, but only nine got dollars, and banks asked for a total of USD 470.17 million. A one-off sale of USD 500 million followed on August 20, when 21 of 22 banks got dollars. By August 26, only five banks took part, and just two got dollars.

In late September, banks did not even ask for all the dollars on offer. In the September 23 sale, the central bank offered USD 125 million, but banks asked for only USD 123.49 million, and all 27 banks that took part got dollars.

More dollars until December

The central bank plans to sell USD 840 million between October and December in six sales of USD 140 million each, up from USD 125 million per sale in the previous three months. The remaining sales are on November 10 and 24 and December 8 and 22. After today, USD 280 million of that total has been sold.

What it means

Prices are stable, most banks are getting dollars, and demand is only slightly higher than supply. Together, these suggest the dollar sales are settling down. The larger sale size seems close to what banks want at today’s prices.

The street market still tells a different story. The official rate was about 161 birr per dollar in early October, while the street rate in Addis Ababa was near 180. Many people and businesses still cannot get all the dollars they need through banks. Before the birr was allowed to float in July 2024, a dollar cost about 57 birr. By early October 2026 it cost around 160.