Ethiopia devalues birr

Ethiopia has devalued the birr by almost 10% against the dollar on the back of currency shortages.

The National Bank of Ethiopia's website showed that the weighted average dollar bill rate had risen from Birr11.3247 on Thursday to Birr12.444 on Friday and Birr12.4478 on Monday.

The devaluation was widely expected after Meles Zanawi, Ethiopia's prime minister, said in April that the nation was experiencing a currency shortage and had only $850m in reserves.

The country has been hard hit by a slum

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