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Banking & FinanceThe Commercial Bank of Ethiopia (CBE) today launched CBE Connect, a new digital platform designed to integrate multiple financial services into a single application and enable direct transfers from global banks to Ethiopian fintech wallets. Developed in partnership with local fintech firm StarPay Financial Technologies (Eaglelion Technology Plc), CBE Connect brings together more than seven
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the results of its 15th Foreign Exchange Auction, held on Tuesday, as part of ongoing efforts to manage liquidity and stabilize the foreign exchange market. According to the central bank, USD 70 million was allotted to commercial banks out of a total bid amount of USD 94.7
The National Bank of Ethiopia (NBE) has announced the results of Foreign Exchange Auction No. 14, held today in Addis Ababa. According to the central bank, the weighted average exchange rate of successful bids stood at Birr 154.8729 per US dollar, reflecting prevailing market conditions under Ethiopia’s ongoing foreign exchange reform framework. A total of
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced a USD 150 million special end-of-year foreign exchange auction, marking the first time such a large FX amount has been released since October 14. The auction, scheduled for Saturday, December 27, 2025, comes in addition to NBE’s regular bi-weekly FX auctions and is aligned with the central
Banking & FinanceThe Ethiopian Birr has continued its rapid slide against the US Dollar in the National Bank of Ethiopia’s (NBE) foreign exchange auction, marking one of the most significant adjustments since the platform was introduced to support market stability two months ago. In the 11th round of the forex auction held today, the average exchange rate
Banking & FinanceThe National Bank of Ethiopia (NBE) has released its official foreign exchange auction schedule for the remainder of the fiscal year, unveiling a total allocation of USD 520 million for upcoming auctions. According to the statement, USD 420 million has been designated for the third quarter of FY 2025/26, while an additional USD 100 million
Banking & FinanceEthiopian authorities have arrested more than 100 people and frozen over 500 bank accounts in a sweeping operation targeting illegal foreign exchange and cryptocurrency transactions, the National Intelligence and Security Service (NISS) said on Friday. The coordinated operation, conducted with the Financial Security Service, the Ethiopian Federal Police, and regional security agencies, comes amid the
Banking & FinanceLooks like the National Bank of Ethiopia (NBE) is done playing nice with the underground money movers. Governor Eyob Tekalign (PhD) made it clear: if you’re running illegal hawala transfers, it’s time to either go legit or go quiet. The central bank has been chatting with both foreign hawala operators and commercial banks — kind
Banking & FinanceIn the span of just a few days, Ethiopia’s foreign exchange market went from chaos to crackdown and possibly, a new kind of clarity. By the end of July, the unofficial (parallel) market exchange rate had breached 170 birr per USD, igniting panic among traders, importers, and the diaspora. The National Bank of Ethiopia (NBE)
Banking & FinanceJust a day after injecting $150 million into the banking system through one of its largest foreign exchange auctions, the National Bank of Ethiopia (NBE) has drawn a new line in the sand. Governor Mamo Mihretu, in a statement on Wednesday, announced a sharpened crackdown on illicit currency flows, signaling the central bank’s commitment to
Banking & FinanceThe National Bank of Ethiopia (NBE) has officially resumed its foreign exchange (FX) auctions after a brief pause, injecting a significant $150 million into the market on August 5, 2025. The move comes as the central bank signals improving foreign exchange inflows and aims to further support Ethiopia’s formal FX market and macroeconomic stability. In
ForexAwash Bank has announced that it supplied over $125 million USD in foreign exchange to its customers during the month of July 2025, demonstrating its continued commitment to supporting Ethiopia’s economic growth and easing the ongoing foreign currency shortage. According to a statement from the bank, more than $70 million of the total amount was
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