Recent data from the Troubled Currencies Project, which tracks exchange rates in black and spot markets, reveals that the Ethiopian birr has depreciated by nearly 40% against the US dollar since January 2022. This exorbitant premium of over 100% marks a significant occurrence in the nation's economic history.Įthiopia is among the countries globally grappling with a substantial decline in its currency's value. With the official rate currently hovering around 55 birr per dollar, the scarcity of hard currency has now driven the black-market value of a dollar to exceed 110 birr. However, the current state of affairs has reached unprecedented levels, with the exchange rate soaring to unparalleled heights. Addis Abeba - The local currency, the birr, has been experiencing a long-standing decline in value against major international currencies, most notably the US dollar.
