NBE Forex Auction: Dollar Rate Drops to 159.70 Birr

The National Bank of Ethiopia (NBE) has reported that the weighted average exchange rate for successful bids in its latest foreign exchange auction dropped to 159.70 birr per US dollar. This figure marks a decline from the 160.10 birr recorded in the previous auction, which took place two weeks ago. The central bank continues to utilize these regular auctions as part of its strategy to manage foreign currency liquidity and market pricing. This minor adjustment in the exchange rate reflects the ongoing fluctuations within the country's liberalized foreign exchange market.