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Ethiopia’s Abiy Wants Currency to Weaken to Street Market Levels

mashud
212
Ethiopian Prime Minister Abiy Ahmed berated banks for keeping the exchange rate of the nation’s currency at much stronger levels than what traders in the parallel market were offering. The Horn of Africa nation on Monday removed its peg to the dollar resulting in the birr depreciating 23% to 74.74 against the dollar. By Thursday it was trading at about 80 birr, compared to 113 birr that street traders were offering. Their rate has since moved to 118 birr per dollar. “What you’re doing is not right,” Abiy told bankers in comments aired on the state-run broadcaster on Thursday. “We...
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