The National Bank of Ethiopia has signed a currency swap deal with Sudan which will allow the two countries to use their local currencies without “convergence”.
The agreement will be the “first in its kind” for Ethiopia, the central bank announced in a statement on October 10, though Sudan already has a similar deal with Egypt.
After month-long negotiations, the deal has been agreed for three years, and $16 million worth of currency will be swapped between the two nations. The central bank say
- Trump criticises Fed over rate rises and threatens higher tariffs
- Banks tend to game stress tests, Fed economists say
- Central bank digital currency a ‘terrible idea’, US Congress told
- Implementation of new Sofr rate is “ahead of schedule”, says Fed vice-chair
- MAS strengthens use of data to combat financial crimes