(Adds quotes, details)By Aaron MaashoADDIS ABABA, Oct 10 (Reuters) - Ethiopia’s central bank devalued the Ethiopian birr by 15 percent on Tuesday, its first such move in seven years to boost lagging exports. 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 both repeatedly urged Ethiopia to consider devaluing its currency to boost exports as they are mostly unprocessed products and need to stay competitive on price. Ethiopia’s economy is one of the fastest growing in Africa, with the IMF expecting a growth rate of 9 percent for the 2016/17 fiscal year. But Addis Ababa has in the past tended to brush off such advice and said it would keep charge of key sectors.

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