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On 1 August, the government ordered the shutdown of dozens of businesses due to surging prices of basic commodities in Addis Ababa. Addis Ababa City Trade Bureau spokesperson Sewnet Ayele said, "the businesses were caught making unreasonable price increases, mostly on food items. The stocks were imported before the new exchange rate."
The exchange rate is grossly more favourable to the seller of the foreign currency than is the official bank rate, but such trading is usually illegal. [ citation needed ] In many rural areas there is still a strong bartering culture, the exchanged items being of more immediate value than official currency (following the principle that one can ...
The text on the notes was in Amharic and French. A 50-talari note was added in 1929, by which time over 1.5 million talaris in notes were circulating. The Bank of Ethiopia issued notes in 1932 in denominations of 5, 10, 50, 100 and 500 talaris. A 2-talari note dated 1 June 1933 was issued in honour of the Imperial couple.
The Ethiopia Commodity Exchange (ECX) is a commodities exchange established April 2008 in Ethiopia. In Proclamation 2007-550, which created the ECX, its stated objective was "to ensure the development of an efficient modern trading system" that would "protect the rights and benefits of sellers, buyers, intermediaries, and the general public." [1]
Between 1985 and 1987, the taka was adjusted in frequent incremental steps, stabilising again around 12 percent lower in real terms against the US dollar, but at the same time narrowing the difference between the official rate and the preferential secondary rate from 15 percent to 7.5 percent. [23]
The Indian 500-rupee banknote (₹500) is a denomination of the Indian rupee. In 1987, the ₹500 note was introduced, followed by the ₹1,000 note in 2000 while ₹1 and ₹2 notes were discontinued in 1995. The current ₹500 banknote, in circulation since 10 November 2016, is a part of the Mahatma Gandhi New Series.
Between 1960 and 1970, Ethiopia enjoyed an annual 4.4% growth rate in its per capita and overall gross domestic product (GDP). There was an increase in the manufacturing growth rate from 1.9% in 1960–1961 to 4.4% in 1973–74, with the wholesale, retail trade, transportation, and communication sectors increasing from 9.5% to 15.6%. [4]
This is a list of banks in Ethiopia, with summary data for the year 2023 (mostly June). [1] Bank Name Web Site Year Est. No of Branches SWIFT SHF Equity (ETB m)