Report: Gap Between Ethiopian Currency's Official and Parallel Market Exchange Rate Grows to New Record
The Ethiopian birr currency’s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr’s official and parallel market exchange rates has widened to a record high.The gap between the Ethiopian currency’s official and parallel market exchange rate against the greenback widened to a new record higher after the latter rate plunged 92 birrs for every dollar.
Besides the costs associated with the fighting, Ethiopia has grappled with the problem of dwindling foreign exchange reserves. As per the report, the landlocked horn of Africa state’s reserves stood at $3.3 billion by the end of 2021. This was enough to cover Ethiopia’s import costs for just 1.9 months.
Therefore, as part of efforts aimed at boosting the country’s foreign exchange reserves, the NBE effectively devalued the birr by 26% between February and May. Also, as by Bitcoin.com News, the central bank has now imposed restrictions and controls on the amount of foreign exchange that Ethiopian residents are allowed to take out of the country.Tags in this story
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The official exchange rate is as phoney as the prime minister himself. AbiyAhmedAli Birr Tigray Ethiopia
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