NBE Allots USD 500 Million in Special Foreign Exchange Auction.

The National Bank of Ethiopia (NBE) has announced the results of its Special Foreign Exchange Auction, which was conducted on Tuesday as part of its monetary policy operations.

According to the central bank, a total of USD 500 million was allotted in the auction, against a total bid amount of USD 592.3 million, indicating strong demand from participating banks.

The marginal (cut-off) exchange rate for the auction was set at Birr 154.2400 per US dollar, while the weighted average rate of successful bids stood at Birr 154.8164 per US dollar.

Bids submitted during the auction ranged from a low of Birr 153.5000 to a high of Birr 154.9980 per US dollar.

A total of 31 banks participated in the auction, of which 25 secured foreign exchange allocations.

The National Bank of Ethiopia noted that the next foreign exchange auction will be conducted in line with its previously announced schedule.

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