Ethiopia's National Bank of Ethiopia's foreign currency auction on Hidar 7, 2018, resulted in vain. Although 13 banks participated, the auction did not succeed. The bank announced it will conduct similar auctions in the next two weeks.
On Hidar 7, 2018 (Fana Media Corporation), the National Bank of Ethiopia conducted a foreign currency auction in Addis Ababa, but its result was in vain. Thirteen banks participated in the auction process, and the foreign exchange auction was registered at an average rate of 154.7747 Birr per US dollar. However, the auction did not succeed, and the National Bank stated, based on its previous directive, that it will hold similar auctions in the next two weeks.
This auction highlights ongoing challenges in Ethiopia's foreign exchange market, particularly amid the Birr's depreciation. The National Bank's efforts to inject foreign currency through such measures continue as part of its interventions.
