Economy
Bank Dollar Demand Hits Quarterly High as NBE Auction Faces Shortfall
BirrMetrics · 12 hours ago · Read the Full Story on BirrMetrics
AI SUMMARY
Commercial banks submitted bids worth 156.73 million US dollars in the National Bank of Ethiopia's latest foreign exchange auction, exceeding the available 140 million US dollar allocation.
- Commercial banks submitted bids worth 156.73 million US dollars in the National Bank of Ethiopia's foreign exchange auction on Tuesday.
- The bids exceeded the available allocation of 140 million US dollars by 16.73 million US dollars.
- Excess demand increased by 54.5 percent compared with the previous auction on 27 October.
- Thirty-one commercial banks participated in the auction, with 26 banks securing allocations.
- The auction recorded an oversubscription rate of 11.95 percent.
- The weighted average exchange rate of successful bids remained nearly unchanged at 159.7091 birr per US dollar.
- The marginal exchange rate increased to 159.1876 birr per dollar from 158.1820 birr in the previous auction.
- Submitted bids ranged from a low of 159.1876 birr to a high of 160.9975 birr per dollar.
- Across the three auctions held in the current quarter, the central bank has allocated a combined 420 million US dollars against aggregate bids of 459.65 million US dollars.
- The central bank plans to conduct three additional foreign exchange auctions on 24 November, 8 December, and 22 December.
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