Forex devaluation resumes

With little else to discuss we look at what the Forex rate has been doing in recent months:

Having been very stable in the six months to February 2023, the last six months the Birr has lost 4% vs the greenback. In truth the local currency should be trading at around 100 to the USD if the Blackmarket rate is anything to go by; however, the Government is keen to keep a tight grip on the forex rate in an attempt to manage inflation which is still in the mid 30’s % P.A.

Weather has remained favourable to ripening of the crop on the trees. The harvest in the lower lying areas of Bebeka and Tepi will start imminently and generally thought to be an early crop this year. Farmers are also optimist on size of the crop, all we need now is favourable weather so that we can look forward to a good 2024!

Birr 55.10 = USD 1

Have a nice weekend.

01/09/2023/0 Comments/by Charles Seara Cardoso

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Forex devaluation resumes

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