Economy

National Bank Foreign Exchange Auction Draws Demand Exceeding $140 Million Supply

AI SUMMARY

The National Bank of Ethiopia held a $140 million foreign exchange auction where bidder demand exceeded supply by $16.7 million.

The National Bank of Ethiopia conducted a foreign exchange auction worth $140 million.
Bidder demand exceeded the offered supply by $16.7 million.
The average exchange rate settled at 159.70 Birr per US dollar, matching the rate from two weeks prior.
Out of 31 participating banks, 26 successfully secured foreign currency.
Participating banks submitted bids ranging from a high of 160.99 Birr to a low of 159.18 Birr per dollar.