Ethiopia Launches Forex Auction Days Post-Birr Float
The National Bank of Ethiopia (NBE) will hold a special foreign exchange auction on August 7. With plans for similar auctions based on market conditions.
Banks wishing to participate must submit bids on the auction date, and successful bidders will receive U.S. dollars at their offered price. However, banks will be allocated only up to 20% of the total foreign exchange available. This auction follows the NBE’s recent shift from a managed to a freely floating exchange rate.
Clever Robot News Desk 9th August 2024
