In 2020, the IMF recommended moving to a market-clearing exchange rate regime, to deal with an overvalued currency and FX shortages.Īfrica's second-most populous country requested a debt restructuring under the Group of 20's Common Framework process in early 2021, but progress was held up by a two-year civil war in the Tigray region.Įthiopia's government and the Tigray People's Liberation Front (TPLF), a guerilla force-turned-political party, agreed on Nov. "A sensible macro reform is always our agenda but there should not be any concern about mere devaluation."Įthiopia currently operates a managed exchange rate for the birr, allowing it to depreciate gradually against the dollar.
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