The National Bank of Ethiopia (NBE) has announced a devaluation of the country’s currency, the birr by 15% effective Wednesday, October 11, 2017. He said it was to control inflationary pressure and to boost export earnings which had hitherto stagnated. #Ethiopia has announced a long awaited currency devaluation of 15% and interest rate increase to 7% from 5%, effective tomorrow. The central bank said the it raised the main interest rate to 7 percent from 5 percent to stimulate savings as well as to counter inflation. “The rate was pushed to mitigate the inflationary pressure that could arise from the devaluation,” Yohannes said.

Source: Ethiopian News October 10, 2017 13:07 UTC