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Banking & FinanceIn the span of just a few days, Ethiopia’s foreign exchange market went from chaos to crackdown and possibly, a new kind of clarity. By the end of July, the unofficial (parallel) market exchange rate had breached 170 birr per USD, igniting panic among traders, importers, and the diaspora. The National Bank of Ethiopia (NBE)
Banking & FinanceJust a day after injecting $150 million into the banking system through one of its largest foreign exchange auctions, the National Bank of Ethiopia (NBE) has drawn a new line in the sand. Governor Mamo Mihretu, in a statement on Wednesday, announced a sharpened crackdown on illicit currency flows, signaling the central bank’s commitment to
Banking & FinanceThe National Bank of Ethiopia (NBE) has officially resumed its foreign exchange (FX) auctions after a brief pause, injecting a significant $150 million into the market on August 5, 2025. The move comes as the central bank signals improving foreign exchange inflows and aims to further support Ethiopia’s formal FX market and macroeconomic stability. In
ForexAwash Bank has announced that it supplied over $125 million USD in foreign exchange to its customers during the month of July 2025, demonstrating its continued commitment to supporting Ethiopia’s economic growth and easing the ongoing foreign currency shortage. According to a statement from the bank, more than $70 million of the total amount was
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BusinessEthiopia has received a record $5.1 billion in remittances in the first nine months of the current fiscal year, according to the Ethiopian Diaspora Service (EDS) — a milestone that underscores the vital role the Ethiopian diaspora continues to play in supporting the country’s economy amidst ongoing reforms. The announcement was made by Wondwosen Terefe,
Banking & FinanceThe National Bank of Ethiopia (NBE) has issued a revised policy concerning the treatment of foreign exchange (FX) trading spreads and related fees. This update, effective as of October 16, 2024, introduces changes to how banks manage and disclose the differences between FX buying and selling rates, as well as the fees and commissions associated
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the commencement of accepting applications for Independent Foreign Exchange Bureaus. This move follows the recent approval of the Foreign Exchange Directive (FXD/01/2024), which took effect on July 29, 2024. Independent Forex Bureaus are authorized to engage exclusively in the buying and selling of foreign currency cash notes,
Banking & FinanceNational Bank of Ethiopia Concludes Special FX Auction with a Weighted Average Rate of Birr 107.9 per USD The National Bank of Ethiopia (NBE) announced the results of the Special Foreign Exchange Auction held today, revealing a weighted average rate of Birr 107.9 per US Dollar. The auction saw participation from 27 banks, and the
ForexThe National Bank of Ethiopia (NBE) has announced a special foreign exchange auction set for August 7, 2024. This move is a part of the central bank’s broader strategy to manage the country’s foreign exchange market. The auction, which will be conducted between 10 AM and 12 Noon, invites bids from interested banks through the
