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The Ethiopian Birr (ETB) is the official currency of Ethiopia and has been in use since 1945. Its exchange rate fluctuates daily because, since Ethiopia's landmark 2024 forex market liberalization, the Birr is now traded at market-influenced rates determined by the supply and demand for foreign currency in the banking system. Factors such as export earnings, remittance inflows, import demand, inflation, and global currency market movements all influence how much the Birr is worth relative to other currencies on any given day.

Foreign exchange rates in Ethiopia are set by individual commercial banks within a framework established by the National Bank of Ethiopia (NBE). The NBE publishes a daily reference rate, and commercial banks are permitted to buy and sell foreign currencies at rates that reflect prevailing market conditions. This means that the rates you see on this website may vary from bank to bank — it is worth comparing rates across institutions before completing a foreign currency transaction.

Each Ethiopian commercial bank sets its own buying and selling rates based on its assessment of market conditions, its foreign currency supply and demand, and its business strategy. Banks also apply a spread — the difference between the buying and selling rate — which is how they earn revenue from forex services. Comparing rates across banks, which is exactly what this website enables you to do, can save you a meaningful amount of money.

The buying rate is the rate at which a bank will purchase foreign currency from you — the amount of Ethiopian Birr you receive for each unit of foreign currency you hand over. The selling rate is the rate at which the bank will sell foreign currency to you — how many Birr you pay to obtain one unit of foreign currency. The selling rate is always higher than the buying rate, and the difference between them is the spread, which is how banks earn a margin on forex transactions.

This website aggregates current foreign exchange rates from all major Ethiopian commercial banks, allowing you to instantly compare which bank offers the most favorable rate. To get the best rate, identify the bank with the highest buying rate if you are selling foreign currency, or the lowest selling rate if you are purchasing foreign currency, then visit that bank or use its digital platform. Rates are updated regularly, so checking just before you transact gives you the most accurate comparison.

Ethiopian commercial banks typically offer exchange services for a wide range of major and regional currencies, including USD, EUR, GBP, AED, SAR, CNY, and many others from key trading partner and diaspora destination countries. The exact currencies available may vary from bank to bank, with larger banks such as CBE and Awash Bank generally offering the broadest range. Gulf currencies like SAR and AED are particularly in demand due to the large Ethiopian migrant worker community in Saudi Arabia and the UAE.

The National Bank of Ethiopia (NBE) is the country's central bank and the primary regulatory authority for the foreign exchange market. It publishes a daily reference exchange rate, licenses and supervises commercial banks and forex dealers, and sets the regulatory framework within which banks operate. Since the 2024 exchange rate reform, the NBE has moved toward a more market-oriented approach, allowing rates to be more freely determined by supply and demand while still maintaining oversight of the overall system.

Remittances are money transfers sent by Ethiopians living and working abroad — the diaspora — back to their families in Ethiopia. Ethiopia has an estimated two to three million diaspora members across the US, Europe, the Middle East, and Australia, and the money they send home is one of the country's most important sources of foreign currency, comparable in scale to top agricultural exports. The 2024 forex reform, which made official exchange rates more competitive, was expected to significantly increase the share of remittances flowing through formal banks rather than informal channels.