Ethiopian government announced its national currency, the birr, by 15% effective Wednesday, October 11, 2017, the National Bank of Ethiopia (NBE) said. The devaluation increases value of one United States dollar to 26.91 Birr up from 23.40 Birr. He said it was to control inflationary pressure and to boost export earnings which had hitherto stagnated. “Since investment return is high in Ethiopia, the devaluation won’t cause an inflationary pressure and adversely affect import,” Yohannes was quoted to have said. “The rate was pushed to mitigate the inflationary pressure that could arise from the devaluation,” Yohannes said.

Source: News Business Ethiopia October 11, 2017 18:00 UTC