NBE sells $140 million in forex auction; Birr shows slight appreciation

The National Bank of Ethiopia (NBE) conducted a foreign-exchange auction today, selling 140 million dollars to the market. The weighted average exchange rate for the auction was set at 159.70 Birr per dollar. This marks a decrease of 0.40 Birr compared to the previous auction held on October 13, resulting in a 0.25 percent appreciation of the Birr. Since September 9, the dollar had been trading within a narrow band between 160.10 and 160.53 Birr; the latest auction results have successfully broken this trend.