Shortage expected to linger: NBE governor Ethio Telecom, one of the largest state monopolies, has been able neither to undertake its main projects that it set out to perform during this budget year nor to pay its debts due to hard currency shortages in the country, CEO Andualem Admassie (PhD) said.
Once again, the embattled Ethiopian Birr has experienced a significant decline against the mighty US Dollar. The latest round of devaluation resulted in shaving off 15 percent of the purchasing power from the Birr vis-à-vis the Dollar. The latest move aside, NBE has two other devaluations under its belt. For all its achievements in registering double-digit economic growth in the past 15 years, Ethiopia is still unable to improve its foreign currency shortage. All major devaluations were taken in the name of shaking this persistent and annoying evil. Nevertheless, devaluation has some serious tradeoffs.
Unveils new brand, targets high-end vehicles market Attempting to overcome shortages of hard currency, which is debilitating the operations of Lifan Motors in Ethiopia, the Chinese carmaker reveals intentions to join the agricultural commodity export business focusing on coffee and sesame as potentially tradable commodities, The Reporter has learnt.