Ethiopia’s central bank devalued the Ethiopian birr by 15 per cent on Tuesday, its first such move in seven years to boost lagging exports.
The birr was quoted by the National Bank of Ethiopia at a weighted average of 23.42 against the dollar on Monday, compared to what will be 26.92.
“The devaluation was made to prop up exports, which have stagnated the last five years owing to the birr’s strong value against major currencies,” Yohannes Ayalew, the bank’s vice governor, told a news conference in the capital Addis Ababa. Read more. Source | East African