Ethopia: Birr depreciates by initial 30% as Ethiopia introduces market-based exchange regime 

Addis Abeba – The National Bank of Ethiopia (NBE) announced today a shift to a market-based exchange regime as part of a major revision of the country’s foreign exchange (FX) system. The move follows the government’s announcement yesterday regarding Ethiopia’s macro-economic reform program.

According to the NBE, banks are now permitted to buy and sell foreign currencies from and to their…