Ethiopia to Make Minor Currency Devaluation

Redwan Hussein, Head of Government Communication Affairs Office (GCAO), disclosed the Ethiopian government will not make a significant devaluation to birr against the major currencies.
He made the announcement during a press conference held last week at his office. The press conference was given on current affairs and he made various announcements.
In addressing the question relating to devaluation of birr, he said; “The government will not accept all proposals, the government considers all the pros and the cons of the proposal and decided on the issues that will benefit the country more.”
A report by the World Bank, which came out a few weeks ago, suggested Ethiopia devaluate its currency in order to support the export sector. The report noted 10 percent devaluation in Birr could lead to a five percent improvement in export earnings.
Redwan furthered the Federal Government has devaluated Birr by 10 percent in 2010 and 20 percent in 2011 in line to the Growth and Transformation Plan (GTP). Nonetheless, he only disclosed the government will not apply a huge devaluation and refrained from stating the exact amount.
Source: The Reporter

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