Tag: Devaluation

The Trade Practices and Consumer Protection Authority has sued 15 local steel bar producers and importers for jacking up prices following devaluation of the birr in October. 

During a historic first visit to Ethiopia by a head of the International Monetary Fund (IMF), its managing director, Christine Lagarde, stressed that there was no harm in letting the private sector operate in the economy.

Says devaluation produced insignificant upswing in prices Aligning its development intervention with that of the Government of Ethiopia, the World Bank Group (WBG) has unveiled a USD 4.7 billion financing for Ethiopia’s economic development programs for the coming four years, on Thursday.

Prime Minister Hailemariam Dessalegn announced on Thursday that the government has decided to absorb potential effect of the recent devaluation of the birr on retail fuel price in a move that amounts to be the first government subsidy on fuel products since 2008.  

Following the 15 percent devaluation in the purchasing power of the birr against the dollar, the Central Statistics Agency (CSA) was forced to adjust its payment to the suppliers of 180,000 tablets and 126,000 pieces of power banks by 144 million birr, this week.