Governor of National Bank of Ethiopia, Mamo Mihretu, during press conference about the announcement of currency devaluation (Photo : PD)borkenaToronto – When there were rumors back in November 2023 that Abiy Ahmed’s Administration was introducing policy to further devalue Ethiopian Currency under pressure from the World Bank and IMF, the Ethiopian government denied that there was no plan to do so. For that reason, the introduction of the currency devaluation is announced as “Macro Economic Policy Implementation.”The devaluation of the Ethiopian currency is effective as of July 28, 2024. Financial and economic analysts seem to see an inevitable major price rise due the devaluation of the Ethiopian currency. It appears that the currency devaluation was a precondition. Mamo Mehretu, Governor of the National Bank of Ethiopia, explains ( in Amharic) the government position on the new policy.

Source: Ethiopian News July 29, 2024 10:53 UTC