Ethiopian Birr Value Triples Against Dollar Since Market Float

The Commercial Bank of Ethiopia (CBE) quoted the dollar at 57.48 Birr on July 26, 2024, just before the National Bank of Ethiopia (NBE) transitioned to a market-determined exchange rate, causing the rate to jump to 74.73 Birr overnight. The currency continued its upward trajectory, reaching a weighted average of 160.11 Birr at the central bank's forex auction by October 13, 2026.

Over the two years since the float was implemented, the value of the Birr has nearly tripled against the US Dollar. As of the week of October 23, 2026, exchange bureaus and parallel market rates were quoting prices between 185 Birr and 190 Birr per dollar. These figures highlight persistent economic pressure and the ongoing devaluation of the local currency, which significantly impacts inflation and the cost of living.