@EIC – Ethiopian Business Review

The National Bank of Ethiopia (NBE) successfully conducted its first bi-weekly foreign exchange auction today, marking a key milestone in its ongoing efforts to stabilize the forex market.

According to NBE’s official announcement, the weighted average exchange rate for successful bids settled at Birr 131.7095 per US Dollar, with 12 banks securing foreign exchange allocations.

This auction is part of the central bank’s broader strategy to enhance forex liquidity for the private sector following Ethiopia’s recent macroeconomic reforms. It follows NBE’s decision to launch regular bi-weekly auctions, a move driven by improved forex reserves and increased capital inflows.

The next auction is scheduled to take place in two weeks, with details on the exact date and time to be disclosed one day prior.

By maintaining a structured approach to foreign exchange distribution, the NBE aims to reinforce market confidence while supporting broader economic stability. Market participants will closely monitor upcoming auctions to assess trends in forex availability and pricing.

The Ethiopian Investment Board has convened at the Ethiopian Investment Commission (EIC) headquarters today, reviewing ongoing initiatives and making key investment-related decisions.

Among the critical agendas discussed was a proposal from a private investor seeking approval to establish a multi-sector special economic zone with an initial capital investment exceeding $78 million. Following extensive deliberations, the board approved the request and officially designated the project as a multi-sector special economic zone, paving the way for immediate implementation.

In addition to this decision, the board also addressed matters related to the zone’s design, land allocation, and usage, reinforcing its commitment to streamlining investment procedures.

According to the Ethiopian Investment Commission, the board remains dedicated to fostering a competitive and investor-friendly business environment and will continue strengthening its support to the Commission.

Ethiopia’s Central Bank Concludes First Bi-Weekly FX Auction at ETB 131.71

Ethiopian Investment Board Greenlights $78 Million Multi-Sector Special Economic Zone