Gold Price Registered a record increase in Ethiopia on Thursday. The National Bank of Ethiopia this morning announced new gold prices.
The new price for 1 gram of 24 karat gold is 6067.4672 birr ($78.642). In July the price was 4668.08 birr ($77.379). The 30% price hike is mainly due to new birr-dollar exchange rate.
On Monday, the Ethiopian government introduced macroeconomic reforms and linked foreign exchange rate to market. Since Monday, birr has been losing value against dollar. Birr fell around 42% against US dollar since Monday.
The Ethiopian government took the decision of liberalization of foreign exchange market to secure a $20 billion financing package from the International Monetary Fund and the World Bank.
The sharp decline of birr is expected to cause inflation. People have already been complaining about rising food inflation and high cost of living. It seems that the Ethiopian government will have to announce special measures to support impoverished sections of society which could be the first casualty of new macro economic reforms.
Ahmed kedir Mohammed
Bank account number 1000429346006/commercial of Ethiopia bank
+251 0910873750
Ahmed kedir Mohammed
Bank account number 1000429346006/commercial of Ethiopia bank
[email protected] I need to get my young brother to cash on the educational systems widrowl for many