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Toronto – The National Bank of Ethiopia on Wednesday announced that it will be buying gold from suppliers and producers at a rate of the International Market Pricing as of July 29, 2024.
The Bank stated that the change is related to the recent policy change to make Ethiopian currency exchange rate based on the “market rate.”
From what the bank said, it appears that payment for it will be in Ethiopian currency. Suppliers and gold producers will have to get the daily market exchange rate provided by the bank and be paid for it based on that, the bank added.
Suppliers will be getting an equivalent of the Gold Price in the International Market converted to Ethiopian Birr.
Within three days of announcing the devaluation of the Ethiopian birr, the exchange rate in state-owned banks has changed three times. The first day it started to buy $US 1 for 75 Ethiopian birr. The next day it started to increase to 77 Ethiopian birr and on Wednesday the Commercial Bank of Ethiopia bought one U.S. dollar for over 81 Ethiopian Birr.
It was this week that the Ethiopian government announced an unprecedented devaluation of the Ethiopian currency after nearly a year-long back-and-forth conversation with the International Monetary Fund and the World Bank officials.
The history of the IMF and World Bank in connection with “development funding” in the Caribbean were a failure. Jamaica, among others, offers an example for failure of IMF adjustment.
In the Ethiopian Situation, IMF and World Bank neoliberal policies implementations were packaged as “financing Homegrown economic growth plan.”
Apart from devaluing the Ethiopian Birr, Abiy Ahmed’s administration has been partially privatizing key national assets in the country.
A few months ago, it announced policies to open up the banking sector for foreign investors and allow foreign nationals to own properties in Ethiopia – all under the guise of “Homegrown economic growth reform.”
The devaluation of Ethiopia has still become a talking point among Ethiopians. There are fears for potential public protest, according to local news sources.
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The Gold buying strategy is late but a better move.
But indebting the nation with $10 billion loan from IMF and World bank at a time interest rate is the highest, and devaluation of the nations currency… as the West’s economic future gets worse by the day, is misguided.
Financial engineering gone wrong in Japan…
“As Tokyo Launches Last-Ditch Currency Rescue, China Devours Japan’s EV Market In Thailand”
Link = youtube.com/watch?v=uiwzLsYKm9o&ab_channel=SeanFoo
It is easy to decipher these latest ‘Financial engineering’ moves via the threat of “regime-change” using IMF & WB, and the homegrown foreign-tool TPLF that is still left armed, contrary to the Pretoria agreement???
Opportunists from outside met the (CIA & MI6) brainwashed opportunists from within Tigray and the others sitting in Addis, Ethiopia that was known in its long history of defending itself is now left defenseless, surrounded by these foreign hand picked self serving dimwits, that continue to take the bait since 1974.
Besides buying Gold, do the following ASAP
Remove that ‘Baphomet” sign ( that replaced the Lion) from the Ethiopian flag ASAP, to end the continuing bloodsheds on that land.
Previously posted :
“Crisis Alert” Preparing for the Imminent Debt System Collapse with Francis Hunt
Link = youtube.com/watch?v=WV1gLiyOiHU&ab_channel=ITMTRADING%2CINC
“The End of Petrodollar”
Link = youtube.com/watch?v=pjtKeewv7pY&ab_channel=KitcoNEWS
Be well.
The real questions that need to be asked are:
Why load up the nation with a $10 billion debt at once now, in a high interest rate environment, as well as the visible instability in the global (Western) economies ?
Why foreign asset ownership promotion now?
Why currency devaluation now?
What makes these recent moves by the Ethiopian government very suspicious is that ( as this report below shows) there have been multiple hidden ‘deceptive’ players ( intelligence agencies / financial terrorists)) masquerading as ‘investors’ sucking up resources from ’emerging economies’ of South America and Africa for a long time…
Link = youtube.com/watch?v=zcg7MiHpKgo&ab_channel=WhatBitcoinDid
Citizen data exposure to big ‘international businesses’, and foreign Banks that operate in Ethiopia is also a big concern, should be looked at, and steps taken to protect them.
For example In the West, foreign businesses such as Facebook (meta), X, Google, Apple etc. operating in other jurisdiction such as Europe or Canada, they are forced to keep local data within the country they operate; so that ‘user data’ are not transferred & sold elsewhere.
Be well.
Video Part 2
Link = youtube.com/watch?v=kHJoTKKrzao&t=23s&ab_channel=WhatBitcoinDid
Imagine what Abiy could get for $10 billion:
ASML Chip printing machine from Netherlands for $380 million to start a chip manufacturing industry…
2 to 3 or 4/ 5 hydro electric dams
Water pipelines & water canals to expand irrigation farming to water challenged regions…
Remember Abiy wanted to have a Navy fleet , $10 billion will get him a nuclear-sub dubbed ‘ETH Abiy Ahmed’ to navigate the world oceans (secret missions).
I wonder if the parliament approved this loan, have seen the list of projects this money is going to be used to build, and where, what the expected outcomes are?
Most importantly, the purpose of becoming a member of BRICS is to be able to trade, borrow, using local-currencies, unless the $10 billion is to purchase stuff from the US, the USD is not needed to buy cheap farm equipment from China, military equipment and fertilizer from Russia, and oil from UAE or Saudi Arabia…
For all these expenditures borrowing from BRICS Development Bank with a lower interest rate, and local-currency use is much more convenient and less costly for the nation, in the long run.
IMF & WB loans make no sense at all.
I wonder, if Ethiopia has passed a “Foreign Agent Registry Bill” , as all western nations have , US’s FARA , UK, Canada, EU have already established such laws.
While discouraging or penalizing other nations from passing such laws to protect their own NGO’s.
Link = cbc.ca/news/politics/u-s-canada-foreign-agent-registry-1.6826703
Be well.
Washington Post July 25th 2024,
HOW FOUR U.S. PRESIDENTS UNLEASHED ECONOMIC WARFARE ACROSS THE GLOBE
Link = washingtonpost.com/business/interactive/2024/us-sanction-countries-work/
Richard D. Wolff & Michael Hudson: The Shocking Truth Behind the End of Financial Colonialism!
Link = youtube.com/watch?v=FSA6l97_g8k&ab_channel=DialogueWorks
Be well.
ENB in addition to Gold it should consider putting ‘Bitcoin’ in its balance sheet… due to its exponential price appreciation in the long run…
Further more make ‘Bitcoin Mining’ companies operating in the country pay their all bills in Bitcoin (for their Power consumption as well as tax bills and other payments due to the government) .
Kitco News discussions:
(1) Recession? ‘US Can’t Afford One’ – Massive Liquidity Injection Coming, Assets to Crash Up: Mark Moss
Link = youtube.com/watch?v=mcA2cQ93B-o&ab_channel=KitcoNEWS
(2) Banks Know a Crash Is Coming, Most Powerful Indicator Is Signaling U.S. Recession – George Gammon
Link = youtube.com/watch?v=22-X8HOdHj8&ab_channel=KitcoNEWS
(3) ‘Painful’ Fed Announcement; Labor Market To Collapse Unless This Happens Quickly — with David Lin
Link = youtube.com/watch?v=IPSAl-BhaPA&ab_channel=DanielleDiMartinoBooth
Be well.