“We’ve made it very clear we want to reform our forex regime,” Eyob told Reuters in an October interview, “so the exchange rate unification remains one important policy goal, but we are just doing it gradually. For example, Egypt’s pound weakened after it moved to a more market-determined forex regime under the terms of an IMF programme. Its government has turned for help to the IMF, which requires debt relief commitments from a country’s creditors before it agrees to a loan programme.Īdopting a more flexible exchange rate is also often a stipulation of the IMF. In 2020, the IMF recommended moving to a market-determined exchange rate to deal with an overvalued currency and foreign exchange shortages.Īfrica’s second most populous country requested debt restructuring in early 2021, but progress was held up by a two-year civil war in its Tigray region.Įthiopia’s government and the Tigray People’s Liberation Front, a rebel force-turned-political party, agreed on November 2 to stop fighting. The war displaced more than two million people and hurt the economy. Eyob Tekalign Tolina(PhD) January 19, 2023Įthiopia operates a managed exchange rate for the birr, allowing it to depreciate gradually against the dollar. A sensible macro reform is always our agenda but there should not be any concern about mere devaluation. There is widespread rumor that devaluation is in the making. Central bank has detected increased use of cryptocurrencies. Birr has fallen 26 against dollar on black market since May 1. A sensible macro reform is always our agenda but there should not be any concern about mere devaluation.” Dollar Squeeze, Accelerating Inflation Pummel Ethiopian Currency. “There is widespread rumor that devaluation is in the making,” Eyob Tekalign, state minister in the Ministry of Finance, said on Twitter on Thursday. Keep reading list of 4 items list 1 of 4 Bahrain recalls ambassador from Israel amid escalating assault on Gaza list 2 of 4 High interest rates is hurting one more industry: Mortgage lenders list 3 of 4 What is daylight saving time and which countries are changing their clocks? list 4 of 4 Crumbling buildings and broken dreams: China’s unfinished homes end of list

Dollar to birr black market 2017