The National Bank of Ethiopia (NBE) has announced the results of its 15th Foreign Exchange Auction, held on Tuesday, as part of ongoing efforts to manage liquidity and stabilize the foreign exchange market.
According to the central bank, USD 70 million was allotted to commercial banks out of a total bid amount of USD 94.7 million, reflecting continued strong demand for foreign currency in the banking system.
Related articles
The auction cleared at a marginal (cut-off) rate of 154.78 birr per US dollar, while the weighted average rate of successful bids stood at 154.92 birr per dollar. The highest accepted bid reached 155.00 birr per dollar, whereas the lowest bid was 153.00 birr per dollar.
A total of 21 banks participated in the auction, with 15 banks successfully receiving allocations, NBE said.
The central bank also confirmed that the next foreign exchange auction will be held in two weeks, in line with its pre-announced auction schedule.
The foreign exchange auction mechanism remains a key policy tool under Ethiopia’s ongoing exchange rate and monetary reforms, aimed at improving price discovery and reducing pressure in the parallel market.
