Mereja.Forum

National Bank of Ethiopia (NBE) is planning to significantly narrow the wide gap between the legal foreign exchange rate and the commonly called black market exchange rate, sources said.

Although the National Bank did not officially present this plan at the Standing Committee’s review forum and possibly hiding its intentions from the public, a House member who saw the document forwarded a question to the Standing Committee saying that he saw the plan in the report and asked for further explanation.

the NBE has a plan to close the difference between the legal foreign exchange rate and the black market by 95 percent. But currently, the difference between the legal exchange rate and the black market is twofold. So, is the plan to close the gap by 95 percent realistically possible? Or does the Bank intend to do devaluation (to weaken the purchasing power of Ethiopian birr)?”, the Reporter said.

https://borkena.com/2023/12/04/ethiopia ... -currency/

The Ethiopian economy has taken a nose diving since OPDO came to power. The crippled economy is now transitioning the country in to a failed state. The war, the hyper inflation and the inept leadership at arat killo are pushing the country to the brink. The only tool the regime seems to be relying on is, exterminating the Amhara people as reportedly declared by Shamless Abdissa.

Because of the devaluation news, the market in the country has already gotten in to a crisis mode which has created finger pointing at the bank officials and a general restlessness in the political class.