Foreign Exchange Rate is defined as the price of the domestic currency with respect to another currency. The purpose of foreign exchange is to compare one currency with another for showing their relative values.
The National Bank of Ethiopia was established in 1963 by proclamation 206 of 1963 and began operation in January 1964. Prior to this proclamation, the Bank used to carry out dual activities, i.e. commercial banking and central banking.
CoopBank of Oromia is one of the leading private banks in Ethiopia with very distinctive banking history. Diaspora Banking is one of the banking segments of CoopBank which has been given due emphasis. CoopBank Diaspora Account has been operational since August 2012.