29
Jul
Ethiopia has implemented a market-led foreign exchange rate system starting today, July 29, 2024. Following this decision, banks have begun applying the new exchange rate. The National Bank of Ethiopia announced that the foreign exchange management system has shifted to a market-based approach, where rates are determined by banks and their customers. The Commercial Bank of Ethiopia reported that one US dollar is being bought at 74.7364 Birr and sold at 76.2311 Birr, according to the latest foreign exchange rates. This shift has led to an average increase of 18 Birr per US dollar. Additionally, the exchange rate for one…