- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
ADDIS ABABA, July 29 (Reuters) - Ethiopia’s central bank floated the country’s birr currency on Monday, a move it hopes will secure International Monetary Fund (IMF) support and make progress on a long-delayed debt restructuring.
The birr’s value against the U.S. dollar slumped by 30% to 74.73 per dollar, the country’s biggest lender, Commercial Bank of Ethiopia said. The currency had been trading at 57.48 birr to the dollar on Friday.
Anytime I hear “Forex” especially in an Indian accent with a rolled r, its usually a scam in my mind