Ethiopian Central Bank Says Devaluation to Boost Exports, Domestic Output

Ethiopia’s central bank expects exports and domestic manufacturing to improve after it devalued the birr by 17 percent this week, said Alemayehu Kebede, a spokesman for the National Bank of Ethiopia.
On Sept. 1, the bank adjusted the exchange rate to 16.351 birr per dollar from 13.628, the third time it has devalued the currency in the past 14 months.
Studies conducted by the central bank found that Ethiopian exports were struggling to compete in international markets, Alemayehu said in a phone interview from Addis Ababa, the capital, today. The central bank acted to “encourage them, to help them find a market,” he said. Read More