The exchange rate for the United States dollar has reached its highest level in Ethiopia against the local currency, APA learnt here on Monday.
The rate has reached 9.50 Ethiopian birr to one US dollar for the first time.
“I have been in this business for the past over 10 years. But we didn’t change one US dollar for 9.50 cents. Last week, we were buying it for 9.30 birr. Today’s rate, I can say is a record in the country,” said Ibrahim Nesredin.
Economists say the US dollars is up in the Ethiopian market due to the rising inflation in the country, which independent economists say has reached 22 percent but the government insists is only 12 percent. . The government has said the inflation is due to the ever-increasing construction boom and economic growth in the country.
DT/pm/APA 12-11-2007
APA News
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