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NBE announced the birr would be devalued by 30% against the US dollar to promote a market-based foreign exchange system amidst the country's foreign exchange crisis. Many Ethiopians were concerned that the policy would increase the cost of living and exacerbate inflation. [2]
As of January 2025 the official exchange rate was 15 ERN to one USD. ERN is a very weak currency. The de facto exchange rate of the currency is around 100 ERN for US$1. [citation needed] The currency does not have a good demand outside of Eritrea. The black markets that exist in Asmara and a few other towns show the diminishing values of ERN.
But the rise of technology has led to an evolved "black market" -- and rather than exotic animals and tangible exports, data like credit card information and even streaming accounts are up for grabs.
Fixed currency Anchor currency Rate (anchor / fixed) Abkhazian apsar: Russian ruble: 0.1 Alderney pound (only coins) [1]: Pound sterling: 1 Aruban florin: U.S. dollar: 1.79
Currency distribution of global foreign exchange market turnover [1. Currency ISO 4217 code Symbol or ... USD $, US$ 88.3%: 88.5%: 0.2pp Euro ... a non-profit ...
A candlestick chart (also called Japanese candlestick chart or K-line) is a style of financial chart used to describe price movements of a security, derivative, or currency. While similar in appearance to a bar chart, each candlestick represents four important pieces of information for that day: open and close in the thick body, and high and ...
A black market, underground economy, shadow market or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is not compliant with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution are prohibited or restricted by law, non-compliance ...