Ethiopia experienced a significant surge in gold prices today, reaching an all-time high. The National Bank of Ethiopia shared the gold prices for today. And the price of one gram of 24-karat gold is now set at 10,137.0409 birr (approximately $82.80), marking a substantial increase from August’s price of 7,588.57 birr ($77.20). This represents over a 33.5% rise, largely attributed to fluctuations in the birr-dollar exchange rate.
If you compare the gold prices in Ethiopia in August 2024 with July 2024, prices increased more than 60% during the first week of August 2024. The price in August for one gram of 24-karat gold was 7588.57 birr (around $77.20), a sharp increase from July’s price of 4,668.08 birr ($77.38).
This spike in prices follows recent economic reforms by the Ethiopian government aimed at adjusting the foreign exchange rate to better reflect market conditions. Since these reforms were implemented, the birr has been steadily losing value against the dollar. While, these changes were part of a strategy to secure a $20 billion financial package from the International Monetary Fund and the World Bank.
However, this rapid decline in the birr’s value is likely to lead to inflation, which is already a concern as people face rising food prices and increased living costs.
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