Friday 14 December 2018
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allafrica - 5 month ago

Ethiopia:Parallel Market Exchange Rate Weakens, Banks Celebrate

[Addis Fortune] The black market for hard currencies operates outside the rules and regulations set by the authorities. While the official exchange rate for one dollar has been set at 27.5 Ethiopian Br, the black market rate had peaked at a historic rate of 36.6 Br. However, the last two weeks have seen a significant decline of 19.4 pc in the black market rates. Subsequently, a slight increase in remittances and forex supplies has been witnessed in the mainstream financial sector, writes BEHAILU AYELE, FORT

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