#Ethiopia shifts to market-based exchange rate with immediate currency devaluation The National Bank of Ethiopia (#NBE) announced today a major revision of the country's foreign exchange regime, shifting to a market-based exchange rate effective immediately. Following the announcement, the Commercial Bank of Ethiopia released a new exchange rate, devaluing the birr by 30 percent against the dollar. In April, Reuters reported that Ethiopia might need to consider a significant currency devaluation

4.9K views · 94 reactions | Ethiopia has officially launched its first-ever stock market, the Ethiopian Securities Exchange. It's a historic shift after decades of operating under a closed financial system. | TRT World | Facebook