Currency Devaluation Registering Encouraging Results – Ethiopian PM

Ethiopia-CurrencyNovember 10, 2017 - The recent Ethiopia’s government measure of devaluating Birr, which is aimed at encouraging the Ethiopia’s export and enhancing foreign currency, is registering encouraging results, said Hailemariam Dessalegn, prime minister of Ethiopia.

The devaluation was conceived because of its importance in speeding up the rapid growth of the country, the Premier told journalists in his press briefing today.

He revealed that saving and FDI, for example, have increased by 30 percent and 18 percent respectively when compared to that of same period last year.

Services, including flow of tourists and aviation transport, have increased by 12 percent as compared to that of same period last year; while coffee registered an increase of 15 percent in volume and 19 percent in price.

In the meantime, the government has made preparation to control inflation that may occur on some imported consumer goods such as edible oil, flour, and sugar, he stated. Despite the prime minister’s claim of controlling inflation, many Ethiopians have expressed that inflation resultant to the devaluation is affecting their lives negatively.

Despite this some merchants have been illegally increasing prices in goods that were already in their shops prior to the devaluation, the PM said, adding that strong measures were taken on 39 traders.

The Premier called upon the public to check the credibility of any information they obtain from the social media with respect to inflation, ethnicity, terrorism, and above all information aimed at destroying the country’s unity and diversity.  

Source:  Ethiopian News Agency

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