On Thursday, Abiy’s newly appointed central bank governor, Yinager Dessie, pledged to meet the business community regularly and pledged that their main concerns - scant access to credit and foreign exchange - were government priorities.Compare various denominations for the US Dollar / Ethiopian Birr exchange rate conversion on the 24th January 2022 using the data table below.
His moves to liberalise the economy by opening up lucrative state-owned assets to foreign investment have been cheered by his people as well as outside investors keen to enter one of Africa’s last untapped markets. Birr has fallen 26 against dollar on black market since May 1 Central bank has detected increased use of cryptocurrencies The Merkato open air market in Addis Ababa.
Since taking office in April, Abiy has turned politics and the economy on its head in the nation of 100 million people. The dollar shortage has also dissuaded international firms from investing out of fear they will struggle to repatriate profits. Businesses and analysts in the capital Addis Ababa told Reuters on Friday the birr was trading on the parallel market around 28 to the dollar, close to parity with the official rate and 25 percent. Since earlier this year, essential items including insulin, blood pressure medication and infant formula have become scarce.
“All of a sudden this is happening,” said one real estate agent whose business had come to a standstill over the past year because the construction sector could not access dollars to import building materials.Ī decade-long infrastructure push aimed at industrialising the overwhelmingly agrarian nation to create jobs has as a side-effect exacerbated the dollar shortage. * New prime minister has turned politics, economy on its headĪDDIS ABABA, July 20 (Reuters) - A “hard currency amnesty” and reform-driven confidence in Ethiopia’s economy, both at home and abroad, have helped close a once yawning gap between the official and black market exchange rates for its birr currency.Īs cash - in some cases briefcases full of dollars - pours into banks, local businesses say they are finally feeling relief from a foreign exchange crunch that had seen some segments of the economy grind to a halt.īusinesses and analysts in the capital Addis Ababa told Reuters on Friday the birr was trading on the parallel market around 28 to the dollar, close to parity with the official rate and 25 percent firmer than three months ago. Converted to USD 1.00000 ETB 0.01819 USD Mid-market exchange rate at 06:56 UTC Track the exchange rate A cheaper way to shop online internationally ETB to USD conversion chart 1 ETB 0. * Ethiopia’s economy has faced crippling forex shortage
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