National Bank of Ethiopia to Conduct Special Foreign Exchange Auction Tomorrow

The National Bank of Ethiopia (NBE) announced that it will be conducting a Special Foreign Exchange Auction tomorrow on August 7, 2024.Depending on market conditions, additional foreign exchange auction may be conducted over the coming weeks, it revealed.Interested banks are invited to submit their bids to the Foreign Exchange Monitoring and Reserve Management Directorate (FEMRMD) at the National Bank of Ethiopia between 10 AM and 12 Noon on August 7, 2024.The submission of auction bids shall include: the volume of US dollars being requested, and the offer price, expressed as Birr per USD, at which a bank is willing to purchase the availed US dollars.According to the statement of NBE, successful banks will be sold US dollars at the bid price they have offered and no bank will be provided more than 20 percent of the total funds made available at the auction.Source : Ethiopian News Agency