Ethiopia introduces market-based foreign exchange regime
Adds details
ADDIS ABABA, July 28 (Reuters) -Ethiopia's Prime Minister Abiy Ahmed said on Sunday his government had introduced a market-based foreign exchange regime to alleviate foreignexchange shortages.
"Market-based foreign exchange rate regime is critical to relieving FX shortages, removing constraints to private sector investment and growth," he said on the X platform.
He said the new measure would help in "aligning the prices of imported and exported goods and services with market realities".
Ethiopia has long grappled with chronic foreign currency shortages. Those shortages and a tightly controlled exchange rate have allowed a hard currency black market to flourish.
The latest policy initiative is part of broader economic reforms that Abiy's government has been implementing, including privatising parts of state enterprises to encourage growth and create jobs for the nation of more than 100 million.
Reporting by Dawit Endeshaw; Writing by Elias Biryabarema; Editing by Giles Elgood
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