FX auction records higher demand in October

Ethiopia’s National Bank recorded a significant increase in demand during its October foreign exchange auction. This surge in demand resulted in bids exceeding the total amount of foreign currency offered by the central bank. The outcome marks a notable reversal from the undersubscription observed in the previous month of September. Analysts view the increased participation as a shift in market conditions for foreign exchange accessibility in the country. This development highlights active engagement from bidders compared to the lower interest levels seen in the prior period.