Stakeholders’ focus is turning towards the imminent new crop which is just around the corner, all coffee growing regions are expected to start harvesting in October. The crop in the South is looking very good, particularly in the higher growing areas, where farmers are expecting an improved crop viz-a-viz the 2020 crop. It all bodes well for both quality and quantity. This in turn is putting pressure on agrabes and shippers to move along the value chain the remaining stocks from the current 20/21 crop and with a little help from the terminal market culminated with increased export sales towards the end of the end of the week. Insecurity is still very much of concern, some growing areas have imposed night time curfews to try to curb lawlessness.
The official forex rate continues to slowly and steadily decline, however with soaring inflation it is not surprising that the black market rate is nearly double the official rate.
Several regions that had not been able to hold elections in June due to insecurity finally managed to hold a ballot this week; the results of these regional elections are not expected to change the outcome of the overwhelming victory for the governing party in the June poll.
Meanwhile the government continues to be at odds with the international community over the Tigray conflict, for more on this please follow the link: https://www.bbc.com/news/world-africa-58753569
Forex rate: Birr 46.16= USD 1
Have a good weekend