I cam from Europe to look after my child!

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When I came from Europe calling myself "my child," I heard something shocking! How did all this drama fall on me?

The National Bank of Ethiopia (NBE) conducted a foreign exchange auction today for 50 million USD, with 1 USD sold at an average rate of 131.7 ETB, reflecting a 4 ETB decrease compared to the previous auction.

The number of banks participating in the auction dropped by 15, with only 12 banks involved this time, compared to 27 in the prior auction.

A month ago, in a 60 million USD auction, 1 USD was sold for up to 141 ETB. In the second auction held in mid-February, 60 million USD was auctioned, and 1 USD was sold at 135.6 ETB. This third auction shows a 4 ETB reduction from the second auction's rate.

The NBE has announced that it will hold foreign exchange auctions every 15 days going forward.

The National Bank of Ethiopia held a foreign exchange auction for 50 million USD, with 1 USD sold at an average rate of 131.7 ETB, a 4 ETB decrease from the previous auction. Only 12 banks participated, down from 27, a reduction of 15. A month ago, 1 USD was sold for up to 141 ETB in a 60 million USD auction, and in mid-February, it was 135.6 ETB. This third auction shows a continued decline in the exchange rate. The NBE plans to conduct these auctions every 15 days.
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