'The economic mismanagement has destroyed the country,' Steve H.
Recent data from the Troubled Currencies Project, which tracks exchange rates in black and spot markets, reveals that the Ethiopian birr has depreciated by nearly 40% against the US dollar since January 2022. This exorbitant premium of over 100% marks a significant occurrence in the nation's economic history.Įthiopia is among the countries globally grappling with a substantial decline in its currency's value. With the official rate currently hovering around 55 birr per dollar, the scarcity of hard currency has now driven the black-market value of a dollar to exceed 110 birr.
However, the current state of affairs has reached unprecedented levels, with the exchange rate soaring to unparalleled heights. Addis Abeba - The local currency, the birr, has been experiencing a long-standing decline in value against major international currencies, most notably the US dollar.
