The central bank said its overhaul of foreign exchange rules will be supported by 13.5 billion dollars in coordinated financing from multilateral lenders and creditors as it liberalizes the market.
Helping ease transition costs of adopting a floating rate and reforms will be 10.7 billion dollars offered by external partners - termed the biggest such support pledge ever made to Ethiopia, NBE Governor Mamo Mihretu said.
This includes IMF and World Bank financing plus creditor backing. Additional 2.8 billion dollars in bilateral financing such as bank deposits and swap lines was also announced.
A further financing from the World Bank, IFC, and other multilateral institutions will be announced by the respective institutions in due course, Mamo added.
The National Bank of Ethiopia moved to liberalize the sector via measures including ending forex surrender requirements for exporters and letting banks set their FX rates competitively for the first time. Non-bank currency traders will also be allowed to enter the market.