Regulatory Alerts2024-07-30
Foreign Exchange Auction Guidelines
The National Bank of Ethiopia establishes a transparent framework for foreign exchange auctions conducted in US dollars and Ethiopian Birr, targeting authorized banks transacting for their own accounts. Authorized institutions may submit up to three variable-price bids per auction, with successful allotments cleared at a market-determined rate and settled within two business days. Non-compliant banks face suspension from subsequent auctions, while all bids remain binding and require official authorization or electronic confirmation before the submission window closes.
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