World Bulletin / News DeskEthiopia on Tuesday announced a devaluation of the local currency (birr) against the U.S. dollar by 15 percent effective Wednesday. In a news conference before local media on Tuesday, the National Bank of Ethiopia (NBE) said the devaluation was deemed necessary to boost exports. One dollar will be exchanged for 26.9 birr, according to the projected devaluation rate. In 2010, the birr was also devalued in Ethiopia, by 16.7 percent. On Monday, during an annual report to members of parliament, President Mulatu Teshome said Ethiopian foreign currency reserves were depleted due to low performance of the export sector.

Source: Ethiopian News October 10, 2017 13:41 UTC