Indeed the exchange rate has been on the rise these days until the action was taken by the country’s Ministry of Trade. When the government issued the warning, one dollar was exchanging for more than 36 Ethiopian Birr in the black market. Since then it has gone down to 28 Birr per dollar. Abiy Ahmed had once again warned those individuals who are involved in dollar exchange in the black market and advised to use commercial banks for exchange.įollowing the $1 billion assistance it got from the government of Saudi Arabia two months ago to deal with the nation’s foreign exchange crisis, the dollar exchange rate in Ethiopia’s black market has gone down to almost at par with commercial banks. ![]() The closure was carried out with the assistance of members of the federal police who seized tens of thousands of Birr, Dollar and other currency notes following unannounced search raid. They searched pockets, safe boxes and drawers of shop keeprs and owners who were normally licensed to sell ready made clothes. AugThe government of Ethiopia has closed more than 100 businesses which were allegedly involved in black foreign exchange market in the busiest commercial area around National Theater in the capital city, Addis Ababa.
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