Forex auctions face transparency concerns amid market volatility
The National Bank of Ethiopia (NBE) has expressed concerns regarding the misuse of a foreign exchange (forex) auction held a month ago by commercial banks. The NBE accused certain banks of acquiring forex only to resell it at inflated rates in the interbank market.
This strong criticism was directed at bank executives during an extraordinary meeting on Monday, March 31. Officials specifically targeted institutions involved in the February 25 forex auction—the second auction since the onset of Ethiopia’s macroeconomic reforms last July.
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Source: capitalethiopia
@Ethiopianbusinessdaily
The National Bank of Ethiopia (NBE) has expressed concerns regarding the misuse of a foreign exchange (forex) auction held a month ago by commercial banks. The NBE accused certain banks of acquiring forex only to resell it at inflated rates in the interbank market.
This strong criticism was directed at bank executives during an extraordinary meeting on Monday, March 31. Officials specifically targeted institutions involved in the February 25 forex auction—the second auction since the onset of Ethiopia’s macroeconomic reforms last July.
Read More
Source: capitalethiopia
@Ethiopianbusinessdaily