At least two Ethiopian local governments have ordered the closure of dozens of businesses found hiking prices of basic commodities after the central bank floated the national currency, officials said on Thursday. “The businesses were caught making unreasonable price increases mostly on food items … The stocks were imported before the new exchange rate,” said Sewnet Ayele, a spokesperson for the Addis Ababa City Trade Bureau. In Oromiya region, another 19 businesses were closed and three people detained, said Meseret Assefa, head of the Trade Bureau of Oromiya. “Those whose business are closed were the ones who increased prices on items just immediately after the (exchange rate) announcement,” Meseret said. A rate-cut from the Bank of England combines with some Q2 earnings surprises to create a mixed picture for European equities.
