At the Bank of Abyssinia, a dramatic swing in foreign exchange operations, moving from losses to nearly 99 million Br in earnings, revealed how volatile the terrain remains. Abay Bank’s deposits per branch climbed to 131 million Br, demonstrating the aggressive race for market share. Read more → finance.addisfortune.news | Addis Fortune
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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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