Devaluation Boosts Foreign Currency Inflow to Ethiopia – NBE

September 3, 2010

The National Bank of Ethiopia (NBE), which devaluated value of birr against major international currency by 20 percent this week, indicated that its latest action will result in increasing the country’s foreign currency. Briefing local media on the issue this morning at NBE head office, Chief Economist & Vice Governor of Monetary Stability at NBE, Yohannes Ayalew, said that devaluation will improve external competitiveness of the country by boosting export. Read more