June 20, 2024
borkena
Toronto – Within a week after introducing major policy changes, the National Bank of Ethiopia announced changes to gold pricing.
Those suppliers who supply the bank from 50 grams to 3 kilograms of gold will see 60 percent price increases. It means that NBE will pay 60 percent more money to the existing prices.
If suppliers are bringing 3 kilograms to 30 kilograms of gold to NBE for sale, they will get 67 percent price increases.
And those supplying more than 30 kilograms, they will get 72 percent price increases.
Last Ethiopian fiscal year, the bank was buying gold by paying about 35 percent more than the price at the world market if they were supplying between 50 grams and 150 grams of gold. If the supply amount is more that one kilogram, the bank was paying 52 percent more rate compared to the price at the world market.