Ethiopia: Birr Plunges As Currency Crisis Worsens, Posing Serious Challenges for Economy
Published on: Tuesday 04 July 2023
The local currency, the birr, has been experiencing a long-standing decline in value against major international currencies, most notably the US dollar. However, the current state of affairs has reached unprecedented levels, with the exchange rate soaring to unparalleled heights. With the official rate currently hovering around 55 birr per dollar, the scarcity of hard currency has now driven the black-market value of a dollar to exceed 110 birr. This exorbitant premium of over 100% marks a significant occu
News source: https://allafrica.com/stories/202307040372.html
