The National Bank of Ethiopia (NBE) has introduced updated price revision guidelines for gold procurement through its central and regional branches. This amendment comes in response to recent changes in the foreign currency market.
According to the new guidelines, the purchase price of gold will be determined daily based on the foreign currency selling rate published on the NBE’s website. Suppliers will receive 95% of the gold value upfront, with the remaining 5% held as a price reserve. Payments will be made within 30 days, based on the price set by suppliers at the time of delivery.
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Large gold-producing companies will benefit from retaining 50% of the proceeds from their gold sales in foreign currency for their own use, with the remaining 50% paid at the daily exchange rate.
The revised guidelines also introduce incentives for suppliers who deliver gold in significant quantities. Suppliers providing between 250.01 grams and 25 kg of gold in a single transaction will receive additional payments to cover costs, while those supplying over 25.01 kg will receive higher incentives as per the bank’s internal procedures.
The NBE has also outlined that gold purchased under these terms will be transported abroad, in line with agreements between the bank and gold-producing companies.
These changes are part of the NBE’s ongoing efforts to align gold procurement processes with evolving foreign currency conditions.
