Ethiopia Devaluates its Currency by 20 Percent, from 13.62 to 16.35 » Ethiopian News

Ethiopia Devaluates its Currency by 20 Percent, from 13.62 to 16.35

September 01 Posted by: Bini | 1-09-2010, 07:29 |

The National Bank of Ethiopia (NBE) announced today that it has devaluated the national currency of the country (birr) against major international currencies by about 20 percent.

One US dollar which was equivalent to 13.62 birr will be exchanged at 16.35 Ethiopian birr as of today (September 1, 2010). The measure taken by NBE is expected to make import expensive and result in increasing prices of imported goods.

The announcement followed Ethiopia’s government Growth and transformation plan, which attempts to make the industrial sector lead the economy after five years by substituting imported goods.

Ethiopia Devaluates its Currency by 20 Percent, from 13.62 to 16.35

In a meeting Prime Minister Meles Zenawi held with major business community on Saturday (August 28, 2010) indicated his government's plan to support investors who are willing to be engaged in producing imported goods locally.

Value of One Ethiopian Birr: Applicable as of September 1, 2010

NBE

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# 1 Author: Obolessake

I am concerned about my salary being reduced officially by 17% or more. There was no any salary compensation all the three times that Ethiopia devalued the money. This is not fair. The civil servants must be compensated for the devaluation. Are we going to wear Kaki all of us and then we remind of ourselves the socialist era? It seems a little bit embarrassing.

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