{"id":441451,"date":"2023-04-13T12:34:17","date_gmt":"2023-04-13T16:34:17","guid":{"rendered":"https:\/\/mereja.com\/index\/?p=441451"},"modified":"2023-04-15T14:40:34","modified_gmt":"2023-04-15T18:40:34","slug":"imf-wb-want-ethiopia-to-devalue-birr-currency-by-around-50-percent-report","status":"publish","type":"post","link":"https:\/\/mereja.com\/index\/441451","title":{"rendered":"IMF, WB want Ethiopia to devalue birr currency by around 50 percent: Report"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The International Monetary Fund (IMF) and the World Bank (WB) want to devalue birr currency by 50 percent from the current 54 birr per 1 U.S. dollars to around 100 birr per 1 U.S. dollars, the Addis Ababa based newspaper, Ethiopian Reporter disclosed on Wednesday.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One U.S. dollars is currently being exchanged for between 100 to 115 birr in the black-market, roughly double the official exchange rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ethiopian Reporter further disclosed IMF and WB don\u2019t believe Ethiopia has a problem of foreign currency shortage rather that it has problems with administration of foreign currency, hence their advice for Ethiopian government to unify the official and black market exchange rates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the two international financial institutions advice, there are daily reports of commodities price increases and grounding to a halt of factories in Ethiopia as well as other economic difficulties related to chronic shortage of foreign currency in the country.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ethiopian consumers have also had their incomes depleted by inflation that has been running at more than 30 percent for more than a year, according to official Ethiopia government figures.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alternatively, Ethiopia has plans to transition from fixed exchange rate to flexible exchange rate, according to its second Homegrown Economic reform (HGER 2.0) program it unveiled recently.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Flexible exchange rate system is the exchange system where the exchange rate is dependent upon the supply and demand of money in the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fixed exchange rate system is referred to as the exchange system where the exchange rate is fixed by the government or any monetary authority. It isn\u2019t determined by market forces.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) and the World Bank (WB) want to devalue birr currency by 50 percent from the current 54 birr per 1 U.S. dollars to around 100 birr per 1 U.S. dollars, the Addis Ababa based newspaper, Ethiopian Reporter disclosed on Wednesday.\u00a0 One U.S. dollars is currently being exchanged for between 100 [&hellip;]<\/p>\n","protected":false},"author":270,"featured_media":441791,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[5845],"class_list":["post-441451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethiopian-news","tag-ethiopia-agoa-pm-abiyu-s"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/mereja.com\/index\/wp-content\/uploads\/2023\/04\/CompressJPEG.online_1280x720-image-2.jpg?fit=720%2C405&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p9NivD-1QQb","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/441451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/users\/270"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/comments?post=441451"}],"version-history":[{"count":1,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/441451\/revisions"}],"predecessor-version":[{"id":441453,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/441451\/revisions\/441453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/media\/441791"}],"wp:attachment":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/media?parent=441451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/categories?post=441451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/tags?post=441451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}