 says it has made over $US 282 million available for clients since July this year, Read more.){kind=link}
borkena
Toronto – Commercial Bank of Ethiopia on Saturday reported that it has made US$ 282,459,436.76 available for exchange for its clients since the introduction of a reform on foreign exchange regime in July of this year.
The amount reflects transitions between July 30 and October 11.
Businesses in the manufacturing sector, import-export trade, service providers and pharmaceuticals are among those who benefited from the exchange.
In July this year, the Ethiopian government, reportedly under pressure from the World Bank and International Monetary Fund, introduced a reform to devalue Ethiopian birr to well over two folds. During the introduction of a market based currency regime in July 2024, one $U.S. dollar was fetching only 57 to 58 Ethiopian Birr. It is not reportedly selling to over 230 birr in the parallel market and 123 birr in the banks.
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