Due to the increased demand for foreign currencies, the dollar exchange rate at the parallel market has in recent episodes skyrocketed making the official and black markets to drift exponentially apart. To properly manage the unification and avoid a shock to the system, conducting a series of studies including sifting through the lessons learnt from other countries, is said to be integral.Īs the government has alarmed over the years, Ethiopia’s economy has witnessed a shortage in foreign currency. The committee is expected to assess ways on how the government could equalize both the normal and parallel exchange rates to increase government’s foreign exchange gain, which is currently being munched by the black market.
Government organizes a committee to assess feasible ways to unify the normal exchange rate market with the ever so rising parallel market exchanges.Īs sources inform Capital, a committee comprising of different stakeholders from various ministries, financial advisors and officials from the National Bank of Ethiopia, has been established in recent weeks to tackle the matter.
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