Record-breaking disparity between the informal and official exchange rates
Sunday 4 December
The official and black markets' currency rates now diverge noticeably in the foreign exchange market in Ethiopia. A person carrying one American dollar will be paid larger amounts, and someone looking to acquire a dollar will pay even higher amounts, according to data we gathered from places where illicit foreign exchange trade takes place. One US dollar is far more expensive on the black market than it is in legitimate markets. On the other hand, they noted that modest currency exchange transactions at private banks are subject to a charge of up to 50% commission.
Ethiopia's economic growth may decrease, according to the International Monetary Fund, due to the conflict, weaker agricultural production, a drop in donor assistance, worsening foreign exchange shortages, a drought, and spillovers from the Ukraine war. Ethiopia's foreign exchange reserves at the end of 2023 were $3.3 billion, sufficient to pay for just 1.9 months' worth of imports. In contrast, in August, inflation reached a record high. In the fiscal year through July, Ethiopia received loans from its lenders totaling roughly $1.09 billion, down The value of the birr versus the dollar has been decreasing since 2022 as part of the government's efforts to boost foreign reserves.
How much is black market in Ethiopia today?
Today, Dollars are now worth a higher amount of birr. Depending on where you are, the black market exchange rate could be higher or lower, to check today's black market rates, you can go to our website.
How much is dollar to Birr in black market today?
Today's exchange rate between usd and birr is greater.You may check the current black market currency values by visiting our site. Contingent on where you're from, the rate may be greater or lesser.
The official currency of Ethiopia is called the Ethiopian Birr. It has been utilized since the 1930s. The Bank of Abyssinia, formerly known as the National Bank of Ethiopia, is the country's main financial institution. Ethiopian Birr is the continent's second most popular currency after Nigerian Naira. Before the first Birr was created in the early 1990s, Ethiopians used Menelik II talari and Maria Theresa thalers. The current second-generation Birr has been the official currency of Ethiopia since the 1940s.