Ethiopia's central bank eases foreign exchange curbs, leading to a 30% slide in local currency value.
Ethiopia's central bank announced the easing of foreign exchange curbs, leading to a 30% slide in the local currency's value. The major reform comes as the country awaits a crucial funding deal from the International Monetary Fund. The National Bank of Ethiopia introduced significant new policy changes, shifting to a market-based exchange regime allowing banks to buy and sell foreign currencies at freely negotiated rates.
July 28, 2024
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