US Dollar Average Exchange Rate Sees Slight Increase as Bank Spreads Widen

The average buying quotation for the US dollar in Ethiopia increased slightly from 161.71 Birr to 161.73 Birr, marking a 0.0098 percent rise. Concurrently, the average selling quotation jumped to 164.97 Birr, representing an increase of 0.0168 percent. Excluding the National Bank of Ethiopia's indicative rates, the average buying rate remained steady at 161.62 Birr. These figures represent quoted market prices rather than transaction-volume-weighted averages. The most notable market activity occurred between individual commercial banks rather than across daily fluctuations. Oromia Bank posted the highest exchange rates throughout the period at 164.87 Birr for buying and 168.17 Birr for selling. In contrast, Global Bank offered the lowest rates at 159.62 Birr for buying and 162.81 Birr for selling, with neither rate shifting. The buying price gap of 5.25 Birr between Oromia Bank and Global Bank accounted for 3.29 percent of Global Bank's price, which was roughly 333 times the weekly rise in the average buying rate.