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Addis Ababa (ANN)- The government of Ethiopia, which is dealing with the devaluation of its currency, has imposed a new order that the state bank will be able to control the exchange of the dollar and its currency.
“The National Bank of Ethiopia (NBE) hereby announces the results of the Special foreign Exchange Auction held today August 7, 2024,.”The statement issued by the Central Bank of Ethiopia said.
Follow the statement from the Bank of Ethiopia which has issued serious instructions.
The National Bank of Ethiopia (NBE) has successfully concluded its Special Foreign Exchange (FX) Auction, revealing a weighted average rate of Birr 107.9 per US Dollar. The auction, which took place today, saw participation from 27 banks.
The NBE’s daily practice of updating exchange rates based on FX market activity will see today’s auction results reflected in the Indicative Daily Exchange Rate, to be posted tomorrow, August 8, 2024.
Governor Mamo Mihretu highlighted the significance of the auction results, stating, “We are pleased to see a substantial narrowing of the gap between bank exchange rates and parallel market rates over the past week, as well as meaningful progress towards exchange rate stability. This is precisely what our macroeconomic reforms intended to achieve—namely to ensure that most FX transaction activity can shift to the banking system, thereby helping both the exporters bringing in foreign exchange as well as the many companies and entrepreneurs seeking foreign exchange.”
Additionally, the Governor expressed optimism about the growth in FX transaction volumes, noting an increase in banks accepting new import requests. He anticipates that more banks will follow this trend in the coming weeks, contributing to larger FX volumes.
Written by Arraale M. Jama, a freelance journalist and human rights activist.
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