Economy
NBE Sets Final $125M FX Auction to Complete $500M Quarterly Target
BirrMetrics · 4 days ago · Read the Full Story on BirrMetrics
AI SUMMARY
The National Bank of Ethiopia is offering a final 125 million US dollars to commercial banks to complete its scheduled 500 million US dollars foreign-exchange auction programme for the first quarter of the fiscal year.
- The National Bank of Ethiopia will offer 125 million US dollars to commercial banks on Wednesday, September 23.
- This sale completes the scheduled 500 million US dollars foreign-exchange auction programme for the first quarter of the 2026/27 fiscal year.
- The central bank announced the fourth auction in a notice dated September 22, designating it as Foreign Exchange Auction No. 29.
- Banks will submit bids via the CSD-based FX Auction System between 10am and noon, with results due at 3pm and settlement by the end of the day.
- The September auction follows three previous sales held on August 12, August 26, and September 9, which collectively brought 375 million US dollars into the programme.
- The programme implements a published, bi-weekly schedule for central bank foreign-exchange sales following July 2024 macroeconomic reforms.
- During the August 12 auction, banks submitted approximately 470 million US dollars in bids against the 125 million US dollars available, with a weighted average exchange rate of 161.7994 birr per US dollar.
- The weighted average exchange rate for the August 26 auction was 160.2070 birr per US dollar.
- Financial markets anticipate the central bank will publish its foreign exchange calendar for the second quarter of FY2026/27 following the completion of the current framework.
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