cbe

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
EUR
60.8824
62.1
,
CHF
61.0648
62.2861
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662
,
DKK
7.3921
7.5399
,
DJF
0.3158
0.3221
,
JPY
0.3396
0.3464
,
CAD
37.8192
38.5756
,
SAR
13.6041
13.8762
,
AED
13.8911
14.1689
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
33.4448
34.1137
,
SDR
,
ZAR
,
CNY
7.0913
7.2331
,
KWD
174.8588
178.356

awash

EUR
56.5106
57.6408
,
GBP
64.5257
65.8162
,
JPY
0.4037
0.4118
,
CHF
57.4629
58.6122
,
SAR
14.1527
14.4358

abyssinia

GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
EUR
60.8824
62.1
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662

abay

USD
56.3677
57.4951
,
EUR
60.7418
61.9566
,
GBP
71.1248
72.5473
,
CHF
63.9815
65.2611
,
AUD
36.8476
37.5846
,
AED
15.3465
15
,
CNY
7.8307
7.9873
,
DKK
8.1483
8.3113
,
DJF
0.3157
0.322
,
INR
0.6783
0.6924
,
JPY
0.3753
0.3833
,
KES
0.3887
0.3965
,
NOK
5.365
5.4723
,
SAR
15.0294
15.33
,
ZAR
2.9677
3.0271
,
SEK
5.4037
5.5118
,
SDR
74.6759
76.1694

zemen

CAD
41.7892
42.625
,
EUR
60.8824
62.1
,
GBP
70.9853
72.405
,
SEK
5.4273
5.5358
,
USD
56.3778
57.5054

buna

nib

GBP
67.791
69.1468
,
EUR
60.8824
62.1
,
CHF
61.0648
62.2861
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762

berhan

wegagen

USD
56.1663
57.2896
,
GBP
67.9979
69.3579
,
EURO
60.9124
62.1306
,
CAD
37.9021
38.6601
,
AUD
33.5177
34.1881
,
CHF
60.8664
62.0837
,
SEK
4.8361
4.9328
,
NOK
4.6333
4.726
,
DKK
7.3141
7.4604
,
DJF
0.3128
0.3191
,
INR
0.6693
0.6827
,
KSH
0.3636
0.3709
,
JPY
0.3477
0.3547
,
SAR
13.4673
13.7366
,
AED
13.7552
14.0303
,
ZAR
3.1723
3.2357
,
CNY
7.0448
7.1857
,
KWD
172.7992
176.2552

dgb

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
CHF
63.9422
65.221
,
CAD
41.7892
42.625
,
AUD
36.9556
37.6947
,
SEK
5.4273
5.5358
,
NOK
5.3799
5.4875
,
DKK
8.1681
8.3315
,
DJF
0.3158
0.3221
,
INR
0.6794
0.693
,
KSH
0.3861
0.3938
,
JPY
0.3753
0.3828
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563
,
ZAR
2.9646
3.0239
,
CNY
7.8357
7.9924
,
KWD
183.0982
186.7602

enat

addis

nbe

dashen

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662
,
DKK
7.3921
7.5399
,
JPY
0.3396
0.3464
,
CAD
37.8192
38.5756
,
SAR
13.6041
13.8762
,
AED
13.8911
14.1689
,
EUR
60.8824
62.1
,
DJF
,
INR
,
KES
,
AUD
33.4448
34.1137
,
ZAR
,
CNY
7.0913
7.2331
,
KWD
174.8588
178.356
,
AED

oromia

USD
55.4509
56.5599
,
EUR
58.7724
59.9478
,
GBP
64.394
65.6819
,
SAR
13.3775
13.6451
,
CHF
59.3141
60.5004
,
AED
13.662
13.9352

lion

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
EUR
60.8824
62.1

coop

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563

gadaa

USD
56.3677
57.4951
,
GBP
67.9242
69.2827
,
EUR
60.7418
61.9566
,
AED
13.8886
14.1664
,
SAR
13.6016
13.8736
,
CHF
61.1023
62.3243

hijra

EUR
61.5525
62.7836
,
USD
56.0843
57.206
,
GBP
71.5355
72.9662
,
AED
15.2681
15.5735
,
CAD
41.9322
42.7708
,
SAR
14.9478
15.2468

 foreign exchange guarantee permit to specific sector of companies

 

 

currency exchange guarantee

 

Ethiopian government allows currency exchange guarantees For foreign companies engaged in joint ventures with government or private companies on projects identified as key or strategic,

 

The approved foreign currency exchange guarantee is to enable foreign companies investing in key projects to withdraw their profits from the implementation of the project in foreign currency from Ethiopia, as well as to pay off the loans they have taken from foreign financial institutions for the projects they implement in Ethiopia without difficulty. The decision was passed by the National Bank of Ethiopia.

 

Deputy Governor of the National Bank Ato Faqadu explained the purpose of this currency exchange guarantee is when foreign companies entering Ethiopia agree to invest in sectors that the government deems to be of strategic importance and want to take their profits, as well as those who have taken loans from foreign financial institutions for their projects in Ethiopia are unable to obtain foreign currency in the country when it is time to repay them, the government will provide foreign currency to them.

 

He explained that under the current system, foreign companies engaged in various sectors in Ethiopia can take their profits in foreign currency, but when the companies want to convert their profits from silver into foreign currency, they are treated like any other foreign currency borrower.

 

According to the recent decision of the National Bank Board, only those foreign companies operating in Ethiopia who have agreed to develop a framework of government-to-government partnership and public-private partnership are allowed to obtain foreign currency guarantees for key developments identified by the government and of national interest.

Mr. Faqadu explained that the government will provide foreign currency to foreign companies so that they do not have difficulty in paying the capital obtained through loans from foreign financial institutions, including their annual profits, for investments in Ethiopia.

The deputy governor explained that apart from participating in selected strategic developments, companies that receive the currency exchange guarantee will also meet other requirements. For example, they must not be required to withdraw foreign currency within a few years of starting the development, they must be engaged in key projects that can earn foreign currency for the country, and they have entered into Ethiopia with an agreement with the Ministry of Finance or other government executive bodies.

 

What are the key projects given the currency exchange guarantees?

 

According to Mr. Fikadu among the key projects which needs the currency exchange guarantee power generation, mining, and infrastructure projects take the leading place.

Since the lack of foreign currency is affecting foreign companies interested in investing in Ethiopia, in addition to the government’s decision to provide foreign currency guarantees, the Minister of Finance, Ahmed Shide, stated in his report to the House of Representatives a few weeks ago that there are foreign companies that have openly submitted the same guarantee request.

 

Mr. Ahmed stated that one of the companies that openly submitted the request is the Abu Dhabi company called MASDAR. According to the agreement with the government, the company will enter Ethiopia to generate 500 megawatts of electricity from solar energy.

 

The agreement was signed in 2021 E.C It is known that the company called Masdar will come with the necessary financing for the project, build power transmission lines including the power plant project, and after the construction is completed, will manage the power plant for many years and sell the electricity produced from the power plant to the government.

 

The minister explained that the other company that intends to enter Ethiopia by signing a similar agreement with the government is AMEA Power.

The minister explained that the company is aiming to carry out a 300-megawatt electricity generation project using wind power in an area called Aisha in the Somali region.

 

Both companies have asked the government to give them a foreign currency exchange guarantee to repatriate the profits from the project and pay off the foreign loans they got for the project. According to the decision of the National Bank Board, they are expected to be the first companies to get foreign currency guarantees from the government.