With Ethiopia’s foreign exchange landscape gradually stabilizing, domestic banks are entering a new phase of competition—offering increased access to forex for businesses, travelers, and importers in a bid to win customer loyalty and meet the mounting demand. From Dashen Bank to Awash and the state-owned Commercial Bank of Ethiopia (CBE), institutions are positioning themselves as go-to sources for customers in need of foreign currency.

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Dashen Bank: A Forex Powerhouse in the Private Sector

Dashen Bank, one of the country’s largest private financial institutions, has emerged as a front-runner in forex provision. In the just-concluded fiscal year (2017 EC), the bank disbursed a total of $914 million USD in foreign exchange to customers across diverse sectors—ranging from fuel imports to travel and general merchandise.

• Fuel Imports Dominate: Of the total disbursed amount, a significant $257.5 million USD was allocated for fuel procurement, reflecting the critical importance of petroleum in Ethiopia’s import bill and energy supply chain.
• July 2025 Surge: In July alone, Dashen released $112.6 million USD in foreign exchange, including:
  • $73.1 million USD for the import of various goods,
  • $33.9 million USD for fuel purchases,
  • $5.6 million USD for customers traveling abroad.
• August Off to a Strong Start: In the first six days of August 2025, the bank has already provided $11 million USD in forex, signaling continued momentum.

The bank has reaffirmed its commitment to bolstering forex services, stating it will “continue to strengthen efforts to satisfy customer demand”, even as global and domestic forex dynamics remain volatile.

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Awash Bank: Expanding Access and Transparency

Awash Bank, another major player in the private banking sector, has adopted an open-door policy for foreign exchange services.

In a statement to Ahadu Radio, the bank announced:

• $125 million USD in foreign exchange was provided in July 2025 alone.
• A further $110 million USD has been allocated for August 2025, and is already being disbursed to eligible customers.

Awash emphasized that “any customer” can register and access forex services in accordance with the National Bank of Ethiopia (NBE) guidelines. This includes individuals, importers, and service providers seeking hard currency for legitimate business or travel purposes.

This customer-friendly approach is seen as part of a broader strategy to attract new clients amid an increasingly liberalized forex environment.

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Commercial Bank of Ethiopia (CBE): Tailoring Forex Access for Travelers

The Commercial Bank of Ethiopia (CBE)—Ethiopia’s largest and most influential bank—has rolled out a specialized forex service targeted at international travelers.

According to its latest announcement, the bank now guarantees faster and more efficient processing of foreign currency requests within the limits established by the NBE:

Traveler Type	Maximum Forex Allocation
Business Travelers	$15,000 USD
Personal Travelers	$10,000 USD
Medical Travelers	$10,000 USD

Foreign currency is loaded onto Visa and MasterCard cards, allowing travelers to access their funds internationally with speed and convenience. CBE’s branding for the program—“The Bank You Can Always Trust”—underscores its long-standing dominance in handling foreign currency allocations.

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Regulatory Backdrop: A New Era of Forex Management

The banking sector’s renewed focus on forex delivery comes in the context of:

• An improved foreign currency reserve position, as reported by the National Bank of Ethiopia.
• Increased forex inflows from exports, remittances, and development partners.
• A broader effort by the NBE to stabilize the foreign exchange market through transparent auctions, stricter regulation of informal forex flows, and incentives for legal forex use.

As Ethiopia continues to navigate structural reforms and forex liberalization, commercial banks are adjusting rapidly—offering more competitive and accessible services to their customers while complying with regulatory directives.

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What It Means for Businesses and Individuals

• Importers are benefiting from more streamlined forex access, especially for fuel and essential goods.
• Travelers now face fewer barriers in obtaining currency for legitimate purposes abroad.
• Banks are using forex as a strategic tool to acquire and retain high-value clients.

However, challenges remain. Demand still outpaces supply, and informal markets continue to exert pressure. The success of this competitive shift will depend on continued cooperation between banks and regulators, along with sustained improvements in the country’s forex-generating sector.

Ethiopian banks are no longer passively managing forex scarcity—they are actively competing for customers who need it. From Dashen’s robust allocations, to Awash’s transparent enrollment, and CBE’s traveler-focused offerings, the race to meet forex demand is reshaping Ethiopia’s banking landscape—one dollar at a time.