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De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
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 government's introduction of a floating exchange rate led to a volatile period, with the Commercial Bank of Ethiopia and private banks rapidly adjusting their foreign exchange rates. The exchange rate as indicated by the Commercial Bank of Ethiopia (CBE) is plummeted from 57 birr per US dollar a week ago to the 106 birr per dollar.
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
There are several notable countries on the continent that do not have a stock exchange. The most notable is Ethiopia, although it does have a commodities exchange in Addis Ababa. In January 2021 a capital market bill was tabled to Ethiopian lawmakers that would establish a stock exchange through a public-private partnership. [1]
It now has a commodity exchange in Addis Ababa called the Ethiopia Commodity Exchange, established in 2008. [37] The Ethiopian economy has a large foreign debt, with an overall external debt of 28 billion US dollars. China owns over 13 billion dollars of its debt. Its debt to GDP ratio is smaller than similar and neighboring countries.
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 ...
On 15 March 2024, the Commercial Bank of Ethiopia (CBE) reported having glitching issues between 12 a.m. and 3 a.m. Customers were able to withdraw large amounts of cash (more than 8 million dollars) not deposited in their accounts, and were able to make unlimited ATM withdrawals. After circulated in social media, CBE released five notes within ...