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    Ethiopia-Economy

    Dollar value dips in Ethiopia black market

    APA-Addis Ababa (Ethiopia)

    The dollar exchange rate in Ethiopia’s black market has gone down almost comparable with the exchange rate at the country’s commercial banks.

    The exchange rate at the black market had gone up to 36 Birr per $1 two weeks ago, if the latest inquiries done on Thursday are anything to by.

    However, it has declined to 27-29 Ethiopian Birr per US dollars now.

    The current official exchange rate at commercial banks is 27.30 Ethiopian Birr.

    The social unrest of the last few months coupled with low performance of the manufacturing sector, resulted in a severe foreign currency shortage in Ethiopia.

    Three weeks ago, the United Arab Emirates (UAE) pledged a total of $3 billion in aid and investments and $1 billion was reportedly deposited in Ethiopia’s National Bank to ease the shortage.

    The country’s new Prime Minister Abiy Ahmed last week told parliament that his government had injected new dollars into the Ethiopian market to deal with the crisis.


    MG/as/APA

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