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Tuesday, October 10, 2017

Ethiopia: Govt Devalues Currency, Raises Interest Rates

  Mian Adeel Soomro       Tuesday, October 10, 2017
[Addis Fortune] In the midst of a Forex currency crisis, the National Bank of Ethiopia (NBE) has devalued Birr by 15pc and raised the interest rate by two percentage points to seven percent. The devaluation pegs the Ethiopian Birr at 26.91 to the dollar, up from 23.40 Br on the official market. It will be effective from tomorrow, October 11, 2017.

from AllAfrica News: Latest http://ift.tt/2kALthM
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