Awash Bank announced today that it has allocated over 498 million US dollars to more than 2,200 customers in just three months, from January 1, 2025, to March 31, 2025. The bank emphasized its commitment to addressing the foreign currency shortage in the country and ensuring transparency in its allocation process.
Awash Bank stated that it has provided over 100 million US dollars in foreign currency assistance to various domestic banks.
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The bank highlighted that its foreign currency allocation prioritizes strategic commodities entering the country, especially following the government’s cessation of the Franco Valuta system. Accordingly, in the past three months alone, the bank allocated over 50 million USD for oil, 79 million USD for fuel, 20 million USD for sugar, and 11 million USD for rice. Awash Bank also prioritized the allocation of foreign currency for payments related to education and medical expenses.
Currently, the National Bank of Ethiopia is offering foreign currency to banks through auctions every 15 days, and with improvements in export trade and inward remittances, the country’s foreign currency earnings are expected to increase in the future. Consequently, Awash Bank assures its customers that it anticipates having sufficient supply to meet their foreign currency demands and will continue to facilitate foreign currency availability adequately.
Awash Bank announced that it will continue to provide the foreign currency it holds extensively. This move is expected to have a positive impact on the country’s foreign exchange market.
