4th International Trade Show Addis Ababa Ethiopia

Ethiopian Government Considers Taking Measures Against Currency Black Market

By Staff Reporter

Ethiopia-Black-MarketJuly 13, 2018 - The government of Ethiopia is considering taking measures against those individuals who are involved in dollar exchange in a black market, sources disclosed to Ezega.

The move comes after the country’s new Prime Minister Abiy Ahmed last week told parliament that his government had injected new dollars into the Ethiopian market to deal with the crisis.

Following his remark, the dollar exchange rate in Ethiopia’s black market has gone down to almost comparable levels with the exchange rate at the country’s commercial banks.

The exchange rate at the black market had gone up to 36 Birr per $1 two weeks ago, if the latest inquiries done on Thursday are anything to by.

However, the exchange rate has declined to 27-29 Ethiopian Birr per US dollars now. The current official exchange rate at commercial banks is 27.30 Ethiopian Birr.

The social unrest of the last few years coupled with low performance of the manufacturing sector, resulted in a severe foreign currency shortage in Ethiopia.

Three weeks ago, the United Arab Emirates (UAE) pledged a total of $3 billion in aid and investments, and $1 billion was reportedly deposited into Ethiopia’s National Bank to ease the shortage.

According to the sources, police has identified black market places in Addis Ababa and Adama, the main one being around Ethiopian hotel in the capital.

Abiy’s government has decided to establish a diaspora trust fund in which Ethiopians in the diaspora can send at least a dollar per month to their home country as part of an effort to ease foreign currency shortage in Ethiopia.

He also called on Ethiopians in the diaspora to send their money through commercial banks to address problems related to the black market in the country.

Ezega

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