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Following this latest plunge, the gap between the birr's official and parallel market exchange rates has widened to a record high.
The National Bank of Ethiopia raises premium paid on purchasing price of gold. It is a move targeted at boosting exports of gold through legal channel.
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(Bloomberg) -- Ethiopia’s central bank expects a raft of new measures aimed at curbing illegal foreign-exchange trading and reducing local-currency supply to gradually bring down an inflation rate that’s near a decade high, according to Vice Governor Fikadu Digafe.
capital Newspaper Following the move of National Bank of Ethiopia (NBE) banning some financial firms from issuing letter of credit (LC) the week was catalyzed by a rush for those commercial banks on clearing their problems. Reliable source in the financial industry told Capital that NBE suspended about seven banks including some of the biggest from issuing fresh LC. Fikadu Digafe, Vice Governor and Chief Economist of NBE, said that the regulatory body is focusing on supporting local banks than take measures, “When necessary, such kinds of measures that are implemented recently,...