#Ethiopia: The National Bank of Ethiopia announces a new monetary policy framework The National Bank of Ethiopia (#NBE) has announced a new monetary policy framework aimed at fostering price stability. In a public statement made yesterday by Mamo Mihretu, the central bank outlined key elements of the policy. Among the measures introduced is an interest rate set at 15 percent and the introduction of bi-weekly auctions. Additionally, the National Bank of Ethiopia has completed preparations to esta
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#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
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