Ethiopian Birr today dropped against US dollar to all time low in the Ethiopian history. The Ethiopian currency has been seeing a rapid decline for almost a week.
This morning, the Ethiopian Commercial Bank (CBE) and private banks released new foreign exchange rates. CBE’s rate remained unchanged. CBE is selling US dollar for 101.4347 birr. Bank of Oromia raised dollar selling price to 113.09 for birr.
113.9 is the highest dollar to birr exchange rate ever recorded in the Ethiopian history. Private banks were allowed last week by the Ethiopian government to buy and sell foreign currency. The Ethiopian government announced major economic reforms a week ago, linking the currency exchange rates to open market.
While the Ethiopian government hopes that liberalization of foreign exchange market will rationalize and stabilize the value of birr, market is full of uncertainty.
Customers complain that private banks are raising value of dollar against birr, but dollar is not being sold by the banks. The banks are buying more than selling dollar.
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