Economy
Dollar Demand Rebounds as Banks Bid 152 Million US Dollars in Latest FX Auction
BirrMetrics · 4 hours ago · Read the Full Story on BirrMetrics
AI SUMMARY
The National Bank of Ethiopia's 30th foreign exchange auction attracted 152.09 million US dollars in total bids, marking a return to excess demand after two consecutive rounds of shortfalls.
- The National Bank of Ethiopia conducted its 30th foreign exchange auction on Tuesday, featuring 29 participating commercial banks.
- A total of 26 banks successfully secured allocations out of the 29 participants.
- The central bank offered 140 million US dollars, while total bids reached 152.09 million US dollars.
- The weighted average exchange rate of successful bids stood at 160.1072 birr per US dollar, reflecting a 0.08 percent marginal appreciation of the birr compared to the previous auction.
- The auction was 108.6 percent subscribed, ending a trend where the previous two rounds closed with bids below the amount offered.
- The marginal exchange rate was recorded at 158.1724 birr per dollar, with the highest bid at 160.9878 birr and the lowest at 153 birr.
- The October 13 auction initiated the NBE's expanded foreign exchange programme for the second quarter of the 2026/27 fiscal year, planning 840 million US dollars across six auctions between October and December.
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