Ethiopia's central bank (NBE) raised the interest rate on its emergency lending facility to 18% from 16%, it said, one of several measures announced on Friday aimed at cutting inflation of close to 30% to below 20% by mid-2024. Commercial banks use the facility when they face liquidity problems. Annual inflation had held above 30% for two years until easing to 29.3% in June. The NBE said the inflation path had shown modest progress, but more was needed. (Reporting by George Obulutsa; Writing by Hereward Holland; Editing by Bhargav Acharya and John Stonestreet)

Source: Ethiopian News August 11, 2023 14:59 UTC