Bank of Ethiopia Sells $500m FX

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The National Bank of Ethiopia completed a $500 million foreign exchange auction, the largest since Ethiopia adopted market-based FX reforms. Bids totalled $592.3 million, signalling continued demand for hard currency among banks. The auction cleared at a weighted average rate of 154.82 birr per dollar, with settlement completed the same day. Officials said the intervention supports liquidity management and price discovery as foreign exchange reforms deepen.