Ethiopian Banks on Tuesday lowered selling price of US Dollar and other foreign currencies after the National Bank of Ethiopia (NBE) issued new guidelines about foreign exchange rates.
The National Bank of Ethiopia last night reminded commercial banks that the difference between the buying and selling price of foreign currency cannot be more than 2%. It told all banks to comply with these instructions by today.
This morning Commercial Bank of Ethiopia, Cooperative Bank of Oromia and several other banks released new foreign exchange rates. Almost all the banks lowered selling price of US Dollar and other foreign currencies. Some banks lowered the selling price around 10%.
The Commercial Bank of Ethiopia lowered the US dollar selling price from 123.6353 to 115.3934 birr, while Cooperative Bank of Oromia decreased it from 126.5776 to 115.3452 birr. Other banks also made similar adjustments.
Ethiopian government in July liberalized foreign exchange market, authorizing commercial banks to determine foreign exchange rates. But most of the banks were selling foreign currency at relatively higher prices in comparison to buying price.
The National Bank of Ethiopia has further told the private banks to inform their customers of the commissions they charge in relation to the sale of foreign currency.
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