National Bank of Ethiopia announced a $70 million foreign exchange auction on Tuesday, February 3.
Auction follows an oversubscribed previous FX sale.
Commercial banks will participate in the FX auction.
Bidding window schedule for banks was specified.
Auction is part of the central bank’s continuing hard currency allocation operations.
why it matters?
The planned $70 million FX auction reflects ongoing National Bank of Ethiopia efforts to supply hard currency and address high demand in Ethiopia’s foreign exchange market.