07
Aug
National Bank of Ethiopia Conducts Special Foreign Exchange Auction: One USD Sold at 107.9 Birr The National Bank of Ethiopia (NBE) announced the results of a special auction held to sell US dollars to local banks. In today's auction, 27 banks submitted their desired USD amounts and bid prices. The NBE's statement indicated that the average purchase price offered by the banks for one US dollar was 107.9 Birr. The auction is expected to influence the daily foreign exchange rates issued by banks. Governor of the National Bank of Ethiopia, Mamo Mehretu, noted that the gap between official bank rates…