Ethiopia slashes interest rates

ETHIOPIA - The Ethiopian central bank has halved interest rates to 3%, due to plunging deflation, weakening trade and investment and the global economic slowdown.

An agricultural glut has caused food prices, a key inflation indicator, to fall by 22.1% in the last year.

Agriculture is the backbone of the national economy and about 85% of the population earn their living from the land, mainly as subsistence farmers.

The cut, which took effect on 4 March, is the sixth rate adjustment since the c

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