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Toronto – Two state owned banks in Ethiopia are exchanging US dollars and other major currencies at significantly different rates. The bank that is paying higher to buy U.S. dollars is also selling at a higher rate.
The further devaluation of the Ethiopian birr is evident from the exchange rate of the Development Bank of Ethiopia. It is buying the US dollar at a rate that is higher than the selling rate at the Commercial Bank of Ethiopia, also a state owned bank.
According to a disclosure from Development Bank of Ethiopia on Monday, it was buying US$1 for 119.39 Ethiopian birr. The selling rate is 121.78
On the other hand, the Commercial Bank of Ethiopia, on the same day, was buying US$1 for 116.66 and selling it at a rate of 119.003.
Development Bank has also been buying and selling other major currencies, on Monday, at a higher rate than Commercial Bank. 1 Pound Sterling was sold at 158.043. The buying rate was 154.94.
As well, it was buying Euro at 128.90 and selling it at a rate of 131.48.
The bank apparently operates forex service from its branch in Kazanchis locality of Addis Ababa.
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