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For several days, one US dollar was bought at 112 Birr from 3957 cents and sold at 123 Birr from 6353 cents.
According to the daily rate announced today, the US dollar has increased its buying price to 113 birr from 1308 cents and lowered the selling price to 115 birr from 3934 cents.
According to today’s carry rate, the dollar has increased the buying price by 1 birr, and the selling price has been estimated at 8 birr from the previous days.
The National Bank of Ethiopia warned that the difference between the buying and selling price of foreign currency should not exceed 2 percent.
Following the implementation of the new exchange rate system, the National Bank stated that it has been monitoring the processes in the foreign exchange market;
He pointed out that the difference between commercial banks buying and selling foreign currency should be based on international practices.
Still, the National Bank pointed out that commercial banks should continue to determine their foreign currency buying and selling prices based on the market and to announce these prices separately on a daily basis.
He mentioned that in the current system, the commercial banks used to announce the commission they demanded in relation to the sale of foreign currency together with the sale of foreign currency.
In future, however, he ordered the commission to notify its customers separately, not with the currency exchange.