Ethiopia Devalues Its Birr Currency 17% Against Dollar, Central Bank Says
Last Updated on Friday, 03 September 2010 04:14 Written by Administrator Friday, 03 September 2010 04:09
(Bloomberg.com) Ethiopia devalued its currency, the birr, by 17 percent against the dollar, the third such move in the past 14 months, according to the National Bank of Ethiopia.
The exchange rate was quoted at 16.351 per dollar today compared with 13.628 yesterday, according to the website of the Addis Ababa-based central bank. It was trading at 11.381 on July 10 last year.
The devaluation will crimp imports and make it easier to boost foreign currency reserves. Ethiopia needs to raise its reserves to 3 months of import cover from 2.3 months to cushion its economy from external shocks, a June report from the International Monetary Fund said.
There is a “need for a 10 percentage point real exchange rate depreciation” in order to achieve that goal, the IMF said in the report.
Ethiopia’s trade deficit was expected to grow to $7 billion in the fiscal year to July 7 from $6.3 billion the year before, according to IMF figures.



After being denied official construction permission back home, Muslim Ethiopians in the United States built the First Hijrah mosque and community center to commemorate the first immigration in the history of Islam and counter discriminatory practices by the Ethiopian government.
አቶ ጀማል ሙዘይን በምስረታ ላይ ያለው የዘምዘም ባንክ አደራጅ ኮሚቴ ምክትል ሊቀመንበር ናቸው፡፡ አቶ ጀማል ቀደም ሲል በሕብረት ባንክና በወጋገን ባንኮች በምክትል ፕሬዚዳንትነት የሠሩ ሲሆን፣ ከኢዲስ አበባ ዩኒቨርሲቲ በኢኮኖሚክስ የመጀመሪያ ዲግሪያቸውን ይዘዋል፡፡
(በሔኖክ ያሬድ)

