Addis Ababa, June 20, 2024 — In a significant move to enhance its gold procurement strategy, the National Bank of Ethiopia (NBE) has announced revised rates for purchasing gold from suppliers. This adjustment aims to align more closely with global market conditions and encourage greater inflows of gold into the country.
The new guidelines introduce tiered pricing based on the quantity of gold supplied:
- For supplies ranging from 50 grams to 3 kg: The NBE will now purchase gold at 60% of the world market price.
- For supplies between 3.01 kg to 30 kg: The purchase price is set at 67% of the world market price.
- For supplies exceeding 30.01 kg: The bank will buy at 72% of the world market price.
Under the previous guidelines, which correspond to the Gregorian calendar year 2022-2023, the NBE’s purchase rates were structured differently:
- 50 grams to 150 grams: The bank purchased gold at a 35% increase over the global market price.
- 50.01 grams to 1000 grams: The purchase rate was 52% above the global market price.
- 1000.01 grams to 5 kg: The rate was 55% higher than the global market price.
- More than 5.01 kg: The bank bought gold at a 60% increase over the global market price.
This revision marks a strategic shift by the NBE, aimed at making its gold purchase policies more competitive and attractive to suppliers. By offering higher percentages of the world market price for larger quantities of gold, the NBE hopes to boost the country’s gold reserves and improve its economic stability.
Governor Bekalu Zeleke of the NBE commented on the new rates, saying, “Our goal is to ensure that Ethiopia remains a significant player in the global gold market. By revising our purchase rates, we aim to attract more gold suppliers and enhance the overall competitiveness of our market.”
For gold suppliers, these changes present an opportunity to benefit from more favorable rates when selling gold to the NBE. Suppliers dealing in larger quantities stand to gain the most, with the highest rate offered for those providing over 30 kg of gold.
As Ethiopia continues to navigate economic challenges and opportunities, these new guidelines represent a proactive approach by the NBE to strengthen the nation’s financial position. The revised rates are expected to encourage more substantial gold supplies, which will, in turn, support the country’s economic goals.
For more information on the new gold purchase rates and how to become a supplier, visit the National Bank of Ethiopia’s official website.
Leave a Reply