Ethiopia Sells $140mln in Foreign Exchange as Birr Cut-Off Rate Hits 158.17

The National Bank of Ethiopia allotted 140 million US dollars to commercial banks in its 30th foreign exchange auction on October 13, at a marginal rate of 158.1724 birr per US dollar.

The central bank said 29 banks participated in the auction, submitting bids totalling 152.09 million US dollars, exceeding the amount on offer by 12.09 million US dollars. Of the participants, 26 banks secured foreign exchange.

The weighted average exchange rate of successful bids stood at 160.1072 birr per US dollar, while the highest successful bid reached 160.9878 birr. The lowest bid was 153 birr per US dollar.

The auction results provide a snapshot of commercial banks’ demand for foreign currency under the central bank’s allocation mechanism. The 140 million US dollars allotted represents about 92 percent of the total amount bid for in the auction.

Source: FSX Business News