Mereja.Forum

[Noble Amhara]

[sesame]

Forget DtT, he is just a parrot. Abiy himself said that his policy is not devaluation but harmonization. That is, to make the unofficial or black-market rate the official. In other words, devaluation by other means. The idea that just floating the birr would lower the black-market rate is economic illiteracy! It is the economic fundamentals that determine currency. You might excuse such ignorance of basic facts in a low-level cadre like DtT, but for the PM of a nation to do that is a crime. Abiy's hope was probably that the birr would fall to the black-market rate gradually and give him breathing space, That it is now in a free-fall will age him by 5 years overnight. His only hope is that if doesn't go much lower, so low that the people start to demand his neck!