Ethiopia adopted a market-based foreign exchange system and devalued Birr
Thank you for reading this post, don't forget to subscribe!Thank you for reading this post, don't forget to subscribe!The National Bank of Ethiopia has decided to let market forces determine the price of silver, easing restrictions on the amount of foreign currency held by commercial banks and exporters, which is one of the measures taken to increase the currency. It boosts dollar supply and economic activity in a country with rising inflation and a severe shortage of hard currency.
Prime Minister Abiy Ahmed’s government is under increasing pressure from the World Bank and the International Monetary Fund (IMF) to float the country’s currency and implement significant reforms in the foreign exchange market as a condition for opening more than $10 billion in new financial aid.
The National Bank announced the reforms in a statement on Monday, which include opening up the stock market to foreign investors, introducing non-bank foreign exchange offices to buy foreign currency and lifting restrictions on the amount of dollars travelers can carry and abroad.
“The change will allow for a competitive, market-based exchange rate and address long-standing distortions in the Ethiopian economy,” the bank said. “Ethiopia’s foreign exchange reform is part of the economic reform package that is being implemented and accelerated in the coming months.”
Today’s foreign exchange rate at private banks in Ethiopia
What is today’s daily foreign exchange rate?
(July 29/2016)
At the Commercial Bank of Ethiopia, today’s currency is not different from Saturday’s currency value.
The purchase price of the US dollar is 95.6931; The sell-off remains at 101.4347 today.
It continued on Saturday for other foreign currencies as well.
In private banks, however, the competition is fierce.
For example (#CASH):
➡️ Abyssinia Bank
💵 The buying dollar is 100.2288; The outlet is 113.2585
💷 The buying pound is 122.2153; The outlet is 138.1033
💶 The buying euro is 109.3596; The outlet is 123.5763
➡️ Wagan Bank
💵 purchase of USD 101.6434; The outlet is 113.8406
💷 buying pound 130.1137; Shop 145.7273
💶 Buying euro 110.9031; Shop 124. 2115
➡️ Dashen Bank
💵 The buying dollar is 100.9253; The outlet is 112.0271
💷 buying pound 124.0748; Shop 137.7230
💶The buying euro is 109.4334; The outlet is 121.4711
🇸🇦 Saudi Riyal 24.3462 the purchase; The outlet is 27.0243
🇦🇪 UAE dirham buy at 24.8666; The outlet is 27.6019
➡️ Bee Bank
💵 The purchase price is 101.0959 dollars; The outlet is 111.2055
💷 The buying pound is 129.3521; Shop 142.2874
💶The buying euro is 110.3056; The outlet is 121.3362
🇦🇪 UAE dirham is 27.5263; The outlet is 30.2789
🇸🇦 The purchase price of Saudi Riyal is 26.9446; The outlet is 29.6390
➡️ Oromia Bank
💵 The buying dollar is 100.8445; The outlet is 113.9543
💷 The buying pound is 128.5263; The outlet is 145.2347
💶 The buying euro is 108.8012; The outlet is 122.9453
🇰🇼 Kuwaiti dinar is 329.8724; The outlet is 372.7558
➡️ Sunand Bank
💵 The buying dollar is 101.0348; The outlet is 111.1383
💷 The buying pound is 123.2017; The outlet is 135.5219
💶 The buying euro is 110.2390; The outlet is 121.2629
➡️ Light Bank
💵 The buying dollar is 96.1716; The outlet is 110.5973
💷 The buying pound is 118.2188; The outlet is 135.9516
💶 The buying euro is 104.2746; The outlet is 119.9158
➡️ Coffee Bank
💵 The purchase price is 101.0000 dollars; The outlet is 113.6250
💷 The buying pound is 125.8698; The outlet is 138.4568
💶 The buying euro is 106.5545; The outlet is 117.2100
➡️ Sun Bank
💵 The purchase price is 100.9253 dollars; The outlet is 115.0548
💷 The buying pound is 130.1137; The outlet is 146.3779
💶 The buying euro is 112.5666; The outlet is 126.6375
Non-dollar currencies were also appreciated by private banks. See details below:
Dashen Bank Today’s foreign Exchange rate: Dashen Currency
Cooperative Bank of Ethiopia Today’s foreign Exchange rate: COOP Bank Currency
Comercial Bank of Ethiopia Today’s foreign Exchange rate: CBE Bank Currency
Bank of Abyssinia Today’s foreign Exchange rate: BoA Bank Currency
Abay Bank Today’s foreign Exchange rate: Abay Bank Currency
Awash Bank Today’s foreign Exchange rate: Awash Bank Currency
Sidama Bank Today’s foreign Exchange rate: Sidama Bank Currency rate
Oromia Bank Today’s foreign Exchange rate: Oromia Bank Currency
Amhara Bank Today’s foreign Exchange rate: Amhara Bank Currency
Zemen Bank Today’s foreign Exchange rate: Zemen Bank Currency
Berhan Bank Today’s foreign Exchange rate: Berhan Bank Currency
Goh Betoch Bank Today’s foreign Exchange rate: Goh Betoch Bank Currency
The Board of Directors of the National Bank of Ethiopia has decided to stop the commission and other fees charged by the banks apart from the foreign currency buying and selling price.
Even if they charge such fees, they should include them with the purchase and sale price and disclose them to their customers.
It has been pointed out that this aims to create transparency in the purchase and sale of foreign currency.
On the other hand, it is said that this procedure does not apply to the transaction when customers request to open an LC to make purchases from abroad.
The National Bank has announced that the decision will come into effect from today.