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Ethiopia Launches New Monetary Policy Framework
The National Bank of Ethiopia announced on July 9, 2024 the launch of a new monetary policy framework. The announcement marks a policy development by Ethiopia's central bank but contains no specific compliance obligations, quantitative thresholds, or enforcement mechanisms described in the source text.
NBE Holds First OMO Auction, Collects Birr 19.97B
The National Bank of Ethiopia conducted its first-ever Open Market Operations auction on July 10, 2024. The liquidity-absorbing auction attracted 16 bidders at the National Bank Rate of 15 percent and collected cumulative bids of Birr 19.970 Billion. This inaugural auction follows the announcement of NBE's new Monetary Policy Framework earlier in the week.
NBE and CBUAE Sign Currency Swap Agreement up to AED 3 Billion
The National Bank of Ethiopia (NBE) and the Central Bank of the UAE (CBUAE) signed a bilateral currency swap agreement enabling currency exchange up to AED 3 billion and ETB 46 billion. The parties also executed two MoUs covering local currency settlement for cross-border transactions and interlinking of their payment systems, instant payment platforms, and messaging infrastructure.