NBE announces reform of Foreign Exchange Regime with immediate effect

Addis Ababa, July 29, 2024 (FBC) – Following up on the Government’s recent statement regarding Ethiopia’s economic reform program, the National Bank of Ethiopia (NBE) today released an official statement announcing a major revision of the country’s foreign exchange (FX) system effective immediately.

Elaborating the latest reform, Governor of NBE Mr. Mamo Mihretu stated that the reform introduces a competitive, market-based determination of the exchange rate and addresses a long-standing distortion within the Ethiopian economy.

Here is the full statement issued by NBE this morning: