Significant Gap Observed in USD Exchange Rates Across Ethiopian Banks

A notable divergence in foreign exchange rates was observed across Ethiopian banks for cash customers this week, where the choice of bank proved more impactful than daily fluctuations. Oromia Bank posted the highest rates in the market, buying US dollars at 164.87 Birr and selling them at 168.17 Birr. Conversely, Global Bank Ethiopia offered the cheapest rates on both buying and selling sides. The spread between Oromia Bank's and Global Bank's dollar buying prices reached 5.25 Birr, representing a 3.29 percent difference. For context, a customer exchanging 1,000 USD would earn an additional 5,255.40 Birr by choosing Oromia Bank over Global Bank. Across the banking sector, fifteen institutions maintained stable exchange rates throughout the period, while eight banks pushed their rates higher. Overall, the variance between individual banking institutions mattered more to customers than the passage of time during the week.