ADDIS ABABA, July 29 (Reuters) – Ethiopia’s central bank floated the birr currency on Monday, aiming to secure support from the International Monetary Fund (IMF) and advance a long-delayed debt restructuring. The move aligns Ethiopia with other African economies like Nigeria, which have adopted similar strategies. Central bank governor Mamo Mihretu stated in an online video that Ethiopia would receive $10.7 billion in external financing from the IMF, World Bank, and other creditors. It is now a market-based foreign exchange regime, so we will buy or sell based on the legal channels,” said a businessman in Addis Ababa. Earlier this month, the government announced other reforms linked to IMF talks, including adopting an interest rate-based monetary policy.
