Birr plunges 15% as Ethiopia devalues currency

Addis Ababa
Addis Ababa

The National Bank of Ethiopia (NBE) has devalued the birr amid a continued shortage of foreign currency in the east African nation.

The birr plunged some 15% against the US dollar overnight on October 11, and underwent similar movements against other major currencies, including the euro and sterling.

Central bank officials did not respond to requests for comment, but deputy governor Yohannes Ayalew told local media the move was designed to support the country’s struggling export sector. Low

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