National Bank of Ethiopia Schedules Forex Auctions Through December

The National Bank of Ethiopia (NBE) has announced a series of six foreign exchange auctions, each valued at 140 million dollars, scheduled to take place throughout the second quarter ending in December. Market data from the previous week showed that across 29 commercial banks, the weighted average buying rate experienced a slight decline, moving from 161.71 Birr on Monday to 161.67 Birr by Saturday. Selling rates followed a similar trend, decreasing by approximately four cents over the same period. Bunna Bank reported significant intraday volatility, with its buying rate dropping by 2.88 percent on Friday before recovering by Saturday. These developments highlight the ongoing fluctuations in the Ethiopian foreign exchange market.