The National Bank of Ethiopia (NBE) sold an undisclosed amount of U.S. dollars at a weighted average rate of 138.26 birr during Tuesday’s foreign exchange auction, marking a continued managed depreciation of the local currency.

The auction—the first since early June—comes after a month-long pause that saw official dollar supply tighten and the parallel market rate climb to 182 birr.

NBE said 28 commercial banks received their requested allocations in what was the ninth auction of the year. The new rate reflects a 3.3 percent drop from the previous round on June 5, when the birr cleared at 134.95.

The central bank resumed auctions, citing higher-than-expected foreign exchange inflows at the start of the fiscal year. Authorities said part of these inflows would be redirected through formal channels to support price and external stability.

Analysts say the pause in July contributed to a widening gap between the official and parallel market rates, further fueled by seasonal travel demand and market reactions to a recent IMF report on Ethiopia’s economy.

NBE is expected to continue holding auctions periodically, depending on market conditions and inflow trends.