Saturday, March 14, 2026

Birr Strengthens as NBE’s $500 Million Auction Eases Market Pressure

By our staff reporter

In a strategic effort to stabilize the foreign exchange market, the National Bank of Ethiopia (NBE) held a special auction on February 21, 2026, which led to a 1.21% appreciation of the birr against the US Dollar. The average selling price settled at 153.25 birr, marking a decline from the record highs observed in recent weeks.

Although the central bank offered an unprecedented $500 million in this special auction, total bids from commercial banks fell short of the available amount. The outcome has helped temper the strong demand for foreign currency and curb the recent price surges seen in the market.

A total of 30 banks took part in the auction, with aggregate demand reaching $455.3 million. This means only 91.1% of the $500 million offered by the NBE was purchased, leaving $44.71 million—equivalent to 8.9% of the total—unsold.

All 30 participating banks received the full amount of foreign currency they requested.

Hot this week

Production up, but the ‘cost’ variable weighs heavily

Production is up in 2021 for the Italian agricultural...

Luminos Fund’s catch-up education programs in Ethiopia recognized

The Luminos Fund has been named a top 10...

Well-planned cities essential for a resilient future in Africa concludes the World Urban Forum

The World Urban Forum (WUF) concluded today with a...

Private sector deemed key to unlocking AfCFTA potential

The private sector’s role is vital to fully unlock...

Tech Failures Throw Ethiopian Voter Registration into Chaos

The National Election Board of Ethiopia (NEBE) began using...

Ethiopia Emerges as East Africa’s Hotel Construction Powerhouse

Ethiopia has positioned itself as one of Africa's most...

Somali  Regional  Education   Bureau  Invitation   for National  Competitive   Bid

Somali  Regional Education  Bureau invites  interested eligible  bidders  invites...

Sandford International School

Admission of National Students for Nursery, Reception, and Year...

Call for Audit Proposal

RTI International is an independent, nonprofit research institute dedicated...

Invitation for BID

RTI is an independent organization dedicated to conducting innovative,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img