As always, when the terminal market falls out of bed, export registrations grind to a holt; this week was no exception, current Minimum Registration Prices as follows:

Internal prices are yet to reflect the lower international market prices, middlemen reluctant to accept lower Birr prices, particularly since they are well aware that shippers can since last week keep 40% of forex earnings (it was 20% before last week) allowing shippers to double in value their imports to sell locally. Long holders of Naturals are mostly farmers and Agrabes, shippers have little stock. Shippers are long Washed coffees which still have very high moisture levels and remain unsold. Prices and moisture levels will have to decease for these to start moving.

Banks have increased interest rates by approximately 2% this week.

Weather has improved, much more sunshine and no heavy rainfall in the last week. This weather will favour an early crop, we are expecting lowland harvesting to begging in early September.

Birr 54.96 = USD 1

Have a good weekend.

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