Addis Ababa (AFP) – Ethiopia's central bank announced on Monday that it was easing curbs on its foreign exchange regime, a move which saw the value of the local currency slide by about 30 percent. The National Bank of Ethiopia announced a series of foreign exchange reforms which it said involved "significant new policy changes". The first measure was a "shift to a market-based exchange regime," the NBE said in a statement. The US dollar was buying 74.73 birr and selling at 76.23, the leading Commercial Bank of Ethiopia said in a statement published on X. On Friday the buying rate was 57.48 and selling 58.64.

Source: Ethiopian News July 29, 2024 07:38 UTC