Saturday June 28, 2025

Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped

Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped

by Terence Zimwara July 29, 2024 1 min read

(Originally posted on : Bitcoin News )

Ethiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign exchange surrender requirements and lifted restrictions on certain imports. In return, Ethiopia, which is seeking BRICS membership, is expected to receive a $10.7 billion loan […]

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