Trading is slow, stock holders looking for prices similar to what they saw a month ago, however the relentless decline in the terminal markets dictate much lower bids. Shippers are starting to get worried that the gap between asking price and bid price is growing by the week. Undoubtably, the sharp and continuous lower market, came as a shock to all the stakeholders in Ethiopia that got used to selling at ever increasing prices over the past more than a year. Hopefully the sales done in February (at the start to the trading season) will keep exporters busy for the coming months.
Meanwhile Inflation seems to have settled in a range between 33 and 35%. Indeed, the monthly annual rate of inflation for the past 6 months (Sep 21 to Feb 22) has fluctuate within this narrow range. During the previous 6 months (Mar 21 to Sep 21) inflation had risen from 20% to 35%!
Forex 50.90 = USD 1
Have a good weekend.