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Where everything is green

Ethiopia’s central bank allows currency to plunge in a bid to secure IMF loan

Muthomi Ireri
African News, Business News, Economics, TOP STORY, Trending News
July 29, 2024
0 Comments

Ethiopia’s birr currency dropped 30% against the dollar on Monday following the central bank’s decision to float it. This shift aims to attract support from the International Monetary Fund (IMF) and advance debt restructuring efforts.

The country has faced severe inflation and a shortage of foreign currency, leading to a debt default last year. After a peace agreement in Tigray in 2022, negotiations with the IMF resumed. The central bank will now permit banks to trade foreign currencies with minimal intervention.

Prime Minister Abiy Ahmed announced the reforms, which are expected to secure $10.7 billion in external financing from the IMF, World Bank, and other creditors. Importers have welcomed the move, which reduces their dependence on the black market for dollars.

The U.S. has supported the switch to a market-determined exchange rate, seeing it as essential for solving Ethiopia’s economic problems. Although Ethiopia requested debt restructuring in 2021, progress was stalled due to the Tigray conflict.