Economy
NBE to Sell $125 Million in Next Foreign Exchange Auction
BirrMetrics · 2 weeks ago · Read the Full Story on BirrMetrics
AI SUMMARY
The National Bank of Ethiopia will offer $125 million to commercial banks on September 9 in its latest foreign exchange auction aimed at stabilizing the exchange rate.
- The National Bank of Ethiopia (NBE) will offer $125 million to commercial banks on Wednesday, September 9, in its 28th regular foreign exchange auction.
- The official clearing rate decreased from 161.80 birr per dollar on August 12 to 160.21 birr per dollar on August 26.
- The parallel market rate remains around 182 birr per dollar, maintaining a premium of more than 13 percent over the official rate.
- Bidding volumes fluctuated, dropping from $470.17 million in bids on August 12 to $170.51 million on August 26.
- The NBE held a separate $500 million special auction on August 20 that drew participation from 22 banks.
- A final $125 million auction is scheduled for September 23, completing the first $500 million quarterly allocation of the fiscal year.
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