ANNOUNCED AS TEMPORARYNo
According to numerous and consistent press reports, the National Bank of Ethiopia has repeatedly intervened to devalue its national currency since the end of 2008. Since October 2008, the interventions amounted to a total of 25 percentage points.
In October 2008, the Birr lost 10 percent of its value against the US Dollar due to interventions in the foreign exchange market.
In July 2009, the Birr was devalued by 9.90 percentage points.
In the latest step, the Birr devalued a further 5 percent after a the macro-economic team chaired by Prime Minister Meles Zenawi made thedecision on January 30, 2010.
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