Tag Archives: Currency devaluation

Ethiopia devalues currency, raises interest rates

12 Oct

Posted by The Ethiopia Observatory (TEO)
by Addis Fortune
 
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.
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World Bank Urges Ethiopia to Devalue Birr to Boost Exports

23 Jul

Posted by The Ethiopia observatory (TEO)
by William Davison, Bloomberg

Ethiopia’s birr is overvalued and the country would benefit from a devaluation to boost export revenue and accelerate economic growth, the World Bank said.
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