Ethiopian Birr recorded another fall against US Dollar in black market today. The birr has been losing against dollar since last month when the Ethiopian government announced macro economic reforms and liberalized foreign exchange market.
The birr fell to 132 against US dollar in parallel market today. Last month, when the government linked currency exchange rates to open market, it said that the move would close the gap between birr’s values in open and black markets. Before these reforms official dollar to birr exchange rate was around 57 but in black market, dollar was available for around 120 birr.
Since the introduction of these reforms, birr has lost more than 100% of its value against dollar. Today, the Commercial Bank of Ethiopia (CBE) set selling price of US Dollar at 124 birr.
It seems that dollar is again rising in black market, weakening the worth of birr. One of the reasons behind the flourishing of the black market is that dollar is not available at announced prices in banks.
Read more..
Birr Dropped to All Time Low in Ethiopian History
Ethiopian Pensioners Reject New Salary Increase
New Electricity Tariff Implemented in Ethiopia
hamzaa abduramaan yusuf addarees Ethiopia
hamzaa abduramaan yusuf addarees et
Landlocked, plus mindlockrd people, if God even give them 100billions, will they defuse. Am really dis apointed how people think.
Very harsh to generalize the idea of few people to all when in fact they are the victims of external and internal political forces.
I think one the reasons for this situation is bank holders. They are governing the black market. They supply the money and then they will sell it with a better price, because IT IS BUSINESS!!!!
bank. account. 1054100117688
oromiya. bank
+251932732899
[email protected]
Ethiopia has a fake economy and fake GDP of 160 Billion dollars. How is its agri based economy larger than Morroco, Angola and Kenya which either have oil or diversified economies? If it is number 5 in Africa, why are Ethiopians fleeing the country in record numbers
San nuufis gaffidha
As long as the dollar is not available in the banks the public the dollar will keep increasing.
The trade balance difference between Ethiopia and foreign buyers is huge. Ethiopia should work to change its policy. We should be able to produce what we can sell in bulk to the Gulf rich countries, this will generate to us the much required foreign currency.
This is not an impartial news, it’s only 112 on the official rate.
Hey hey, be fair and reasonable
Before the macro economic reform, It was 57 vis a vis 120
Now it is 124 vs 132(?)
Tanks for your information .
But we are sorry for this kind of history .