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3232Ethiopian Premier Defends Currency Float Decision, Rejects Devaluation Claims
https://www.digit.info/ethiopian-premier-defends-currency-float-decision-rejects-devaluation-claims/
Sat, 03 Aug 2024 08:30:23 +0000https://www.digit.info/ethiopian-premier-defends-currency-float-decision-rejects-devaluation-claims/Read more]]>The Ethiopian Prime Minister, Abiy Ahmed, has defended the decision to float the birr and insisted that this move does not amount to the devaluation of the currency. Ahmed stated that the intention is to unify the official and parallel market exchange rates. Reports suggest that Ethiopia’s decision to float the birr was promptly rewarded […]
]]>Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped
https://www.digit.info/ethiopias-birr-falls-30-after-currency-float-forex-surrender-requirements-scrapped/
Mon, 29 Jul 2024 16:30:06 +0000https://www.digit.info/ethiopias-birr-falls-30-after-currency-float-forex-surrender-requirements-scrapped/Read more]]>Ethiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign exchange surrender requirements and lifted restrictions on certain imports. In return, Ethiopia, which is seeking BRICS membership, is expected to receive a $10.7 billion loan […]
]]>Ethiopia Orders Banks to Reject Requests for Foreign Exchange to Buy ‘Non-Priority Products’
https://www.digit.info/ethiopia-orders-banks-to-reject-requests-for-foreign-exchange-to-buy-non-priority-products/
Wed, 19 Oct 2022 07:00:48 +0000https://www.digit.info/2022/10/19/ethiopia-orders-banks-to-reject-requests-for-foreign-exchange-to-buy-non-priority-products/Read more]]>The Ethiopian government has instructed banks to reject requests for foreign currency to buy so-called non-priority products. The Ethiopian Minister of Industry Melaku Alebel Addis has defended the move, saying this will allow local manufacturers to grow and become competitive. The restrictions are set to remain in force for an indefinite period. Eliminating Pressure From […]
The Ethiopian Prime Minister, Abiy Ahmed, has defended the decision to float the birr and insisted that this move does not amount to the devaluation of the currency. Ahmed stated that the intention is to unify the official and parallel market exchange rates. Reports suggest that Ethiopia’s decision to float the birr was promptly rewarded […]
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Ethiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign exchange surrender requirements and lifted restrictions on certain imports. In return, Ethiopia, which is seeking BRICS membership, is expected to receive a $10.7 billion loan […]
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The Ethiopian government has instructed banks to reject requests for foreign currency to buy so-called non-priority products. The Ethiopian Minister of Industry Melaku Alebel Addis has defended the move, saying this will allow local manufacturers to grow and become competitive. The restrictions are set to remain in force for an indefinite period. Eliminating Pressure From […]