Afla Fikir Part 103 - Ethiopian School Life.
National Bank Announces Average Foreign Exchange Rate of 135 Birr to the US Dollar
#Ethiopia | The National Bank of Ethiopia announced today that the average foreign exchange rate of one US dollar is 135.6185 Birr, according to the results of a special foreign exchange auction held today.
27 banks participated in this auction, and the National Bank noted that there was a high level of participation. The bank added that it will conduct additional auctions as necessary and in line with price and foreign exchange stability.
It was noted that this foreign exchange auction is part of the efforts to stabilize the financial market and improve foreign exchange availability.
This is the second time that the current foreign exchange auction has been held since the implementation of macroeconomic reforms on July 22, 2016.
In the first round of foreign exchange auction, one US dollar was sold at an average price of 107.9 birr and 27 banks participated in the auction.
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