Economy
Ethiopia's banks seek $157 million in latest dollar auction, exceeding supply
Businessfront · 37 minutes ago · Read the Full Story on Businessfront
AI SUMMARY
Commercial banks in Ethiopia submitted 156.73 million dollars in bids during the National Bank's latest foreign-exchange auction, exceeding the available 140 million dollar supply by roughly 12 percent.
- Commercial banks submitted 156.73 million dollars in bids against a 140 million dollar offering by the National Bank of Ethiopia.
- Total demand exceeded available supply by 16.73 million dollars, representing demand approximately 12 percent above supply.
- The National Bank of Ethiopia allocated 140 million dollars to successful bidders from 26 out of 31 participating banks during its 32nd foreign-exchange auction.
- The weighted average exchange rate of successful bids settled at 159.7091 birr per dollar, while the marginal rate stood at 159.1876 birr per dollar.
- Demand increased by approximately 3.9 percent compared to the previous auction on October 27, when bids totaled 150.83 million dollars.
- The National Bank of Ethiopia's October to December 2026 programme includes six auctions of 140 million dollars each, totaling a planned allocation of 840 million dollars.
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