71 Addis Ababa and 19 Oromiya businesses closed for allegedly increasing prices of goods after currency float.

Ethiopian authorities ordered the closure of at least 71 businesses in Addis Ababa and 19 in the Oromiya region for allegedly increasing prices of basic goods after the central bank floated the national currency, leading to a 28% weakening against the dollar. The move aimed to secure a new International Monetary Fund lending program and address debt restructuring. Businesses were found to have made "unreasonable price increases" mainly on food items, and three individuals were detained in the Oromiya region.

August 01, 2024
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