Ethiopian central bank allocates $175bn for fuel payments
Decision follows awarding of licences for currency exchange to non-bank FX bureaus
The National Bank of Ethiopia (NBE) said on October 3 that it would sell $175 million to the foreign exchange market to pay for fuel imports over the coming months.
The central bank said the funds would cover the FX needs of the Ethiopian Petroleum Supply Enterprise, the country’s primary fuel and oil products importer.
In a statement, NBE governor Mamo Mihretu said reforms to Ethiopia’s FX sector in July meant the parallel market premium – the difference between the birr’s official and unofficial
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