Ethiopian National Bank Devalues Currency by 15 PercentOctober 10, 2017 - Ethiopian central bank devalued the Ethiopian Birr by 15 percent on Tuesday, the first in seven years to boost lagging exports, according to reports. The birr was quoted by the National Bank of Ethiopia at a weighted average of 23.4177 against the dollar on Monday, compared to what will be 26.9215. The International Monetary Fund (IMF) and the World Bank, have been advising the Ethiopian government to consider devaluing its currency to boost exports as they are mostly unprocessed products and need to stay competitive on price. Ethiopia has operated a managed floating exchange rate regime since 1992. The Horn of Africa country is the continent's biggest coffee exporter but its total export revenue has been falling short of targets for the last few years owing to weaker commodity prices.

Source: Ethiopian News October 10, 2017 19:41 UTC