Saturday, September 18, 2021
HomeEthiopian NewsUS dollar black market exchange soaring in Ethiopia

US dollar black market exchange soaring in Ethiopia

The US Dollar exchange rate to Ethiopian birr reached all-time high. One US dollar is fetching up to 75 birr in the black market in some Ethiopian cities

 

Dollar _ Black Market _ Ethiopia
Photo credit : Capital

borkena

The change in dollar exchange rate that went through in Ethiopia in the past thirty years could be incredible. Around 1990, the final years of Colonel Mengistu Hailemariam’s government, 1 U.S. dollar was exchanged in the range of 2 to 2.5 Ethiopian birr. 

Unbelievable rate of  inflation, and many seem to believe that it was manipulated through multilateral financial institutions, in the last three decades make that sound like impossible. 

Even in the past few years, the US dollar was exchanging under 30 Ethiopian birr. In fact, 30 was a black market rate. 

Now one US dollar is exchanging up to 75 Ethiopian birr in the black market, according to a report by Deutsche Welle Amharic report. 

Addis Ababa, Adama and Hawassa are among cities where exchange rates for hard currencies , including Euro, showed unprecedented increase. 

Exchange rate at government owned financial institutions, for buying, is 45.51 ,as reported by DW Amharic. 

The war in Northern Ethiopia, the TPLF triggered it when it attacked the Ethiopian Defense Force bases in November 2020, and the instability in most parts of the country are among the factors  that are said to have contributed to the skyrocketing exchange rate of the dollar. 

The Ethiopian government is struggling to control  the black market currency exchange, but the effort does not seem to be a success.  

Ethiopia has been facing hard currency shortages since Prime Minister Abiy Ahmed came to power about three years ago. It is still not resolved, and the black market is anticipated to worsen the situation. 

The DW Amharic report indicated that if the situation is not reversed, it could lead to an unprecedented economic crisis in the country. 
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2 COMMENTS

  1. Of course, what is T-TPLF known for except stealing and Genocide? TPLF looted the country for 27 years. Knowing the loss and trying to scape with the loot T-TPLF is doing what it knows best. Avoiding transparency because they have no explanation to how they got that money except stealing and therefore they are transferring the loot to Abu Dabi to open Shisha and Alcohol shops. Each TPLF thief and collaborator to this illegal money laundry is getting exposed and apprehended because many people know where those criminal gangs operate.

    For 27 years becoming a millionaire was possible for any uneducated, total ignorant and unskilled labor TPLF Tigrea. Thanks to PM Abiy the era of looting to make every TPLF criminal a multi millionaire through dividing and impoverishing Ethiopians plot comes to an end. That is why TPLF and their leftover pickers hated PM Abiy. Now sharing the fruits of the economy is not limited by TPLF and their riffraffish thieves but by every Ethiopians.
    T- TPLF is not fighting for the children of Tigray but for itself and their spoiled children who are addicted millions of dollar stolen from poor Ethiopians. T-TPLF children are living safe from the war in luxury, attending the most expensive collages and driving the most expensive cars in Europe and America while poor Tigrayans have confessed to have been rounded up and sent to fight war with the mighty Ethiopian fighters that they have no chance to fight but only to surrender. .

  2. Which means, terrorist TPLF operatives are still running around in Addis and conducting illegal businesses to support TPLF’s terrorism activities. I suggest the Ethiopian government should kick out the Egyptian operatives and terrorists disguised as diplomatic core in Addis Abeba, as well as shutdown their embassy and severe diplomatic relations all in all, period end of the story.
    The Egyptians have made abundantly clear that, they have declared war on Ethiopia and are openly supporting, providing equipments, weapons and logistical supports to all separatists and terrorist groups within Ethiopia and outside of Ethiopia, the has been said over and over again by the clown leader of Egypt El Sisi. Pm. ABIY Ahmed must act and make tough decisions to protect ETHIOPIA and the people of ETHIOPIA, that’s what leaders of countries do.

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