News & Events

Ethiopia devalues currency by 15 percent to boost exports

ADDIS ABABA, Oct 10 (Reuters) - Ethiopia’s central bank devalued the Ethiopian birr by 15 percent on Tuesday, its first such move in seven years to boost lagging exports.The birr was quoted by the National Bank of Ethiopia at a weighted average of 23.4177 against the dollar on Monday, compared to what will be 26.9215.“The devaluation was made to prop up exports, which have stagnated the last five years owing to the birr’s strong value against major currencies,” Yohannes Ayalew, the bank’s vice governor, told a news conference in the capital Addis Ababa.

Industrial parks attracting export-oriented companies

Ethiopia’s three recently inaugurated Chinese-built industrial parks are attracting export-oriented foreign companies to the east African country’s textile and apparel production setting.

Integrated Agro-Industrial Parks for Economic Transformation

Industrial parks operated or owned by IPDC in this country.Ethiopia plans to construct 17 Integrated Agro Industrial Parks (IAIPs) that will be built in all states.