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[Oct 2017] Foreign Exchange (FOREX) in Ethiopia Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

Ethiopia Devalues Currency, Raises Interest Rates

In the midst of a Forex currency crisis, the National Bank of Ethiopia (NBE) has devalued Birr by 15pc and raised the interest rate by two percentage points to seven percent. The devaluation pegs the Ethiopian Birr at 26.91 to the dollar, up from 23.40 Br on the official market. It will be effective from tomorrow, October 11, 2017.

The Central Bank justifies the move as an effort to control the inflationary pressure and prop up export earnings. The export proceeds have been stagnant at around three billion dollars for the

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Ethiopia's Foreign Exchange Shortage Worsens

Foreign exchange ethiopian birr ETB US Dollar USD Problem BankEthiopia’s foreign currency supply available for importers and travellers alike is increasingly facing chronic shortages, claims an importer engaged in trading of household appliances from Asian countries, while opting to speak to Fortune on conditions of anonymity. As the country’s foreign

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The Increasing Foreign Exchange (FOREX) Problem in Ethiopia

One of Addis Abeba’s black markets for hard currency is also one within reach of the several branches of both public and private banks. People walking by are approached by ‘brokers’ and people seek out these exchange centresby foot or car and make their deals inside cars or in stores. When Fortune visited such a place for about half an hour on April 23, 2015, it observed 14 vehicles stopping by for transactions.

For a country that is increasingly constrained by hard currency shortages, with the ever widening balance of trade gaps,

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