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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 than one kilogram, the bank was paying 52 percent more rate compared to the price at the world market.
Insight: Impact on Gold Suppliers
These changes in gold pricing by the National Bank of Ethiopia will significantly impact gold suppliers in the country. The increased rates provide an opportunity for suppliers to earn more from their gold sales, thereby potentially boosting the local economy.
Future Implications for the Market
With these new price increases, it will be interesting to observe how the market for gold in Ethiopia evolves. The higher rates set by NBE could attract more individuals and businesses to enter the gold trade, leading to increased competition and possibly affecting the overall market dynamics.
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