Ethiopia’s central bank has allotted $500 million at a special foreign exchange auction as authorities continue efforts to improve access to foreign currency in the country.
The National Bank of Ethiopia (NBE) said on Thursday that it received bids worth about $710 million from 22 commercial banks during the auction.
According to the central bank, the weighted average rate of successful bids was 160.2144 birr per US dollar.
The auction represents an effort by Ethiopia’s monetary authorities to manage foreign exchange demand and improve the availability of hard currency to businesses and other economic operators.
The central bank disclosed the auction results in a post on its official X account.
The $500 million allocation means the central bank met a substantial portion of the $710 million in bids submitted by participating banks, highlighting continued demand for foreign exchange among financial institutions.
The weighted average exchange rate provides an indication of the rate at which the successful foreign exchange bids were settled during the special auction.
The development comes as Ethiopia continues to implement reforms aimed at strengthening its foreign exchange market and improving the functioning of its financial system.
