For nearly two decades, the exchange rate was fixed at 2.07 birr to the U.S. dollar. Early in the first years of the present regime...
For nearly two decades, the exchange rate was fixed at 2.07 birr to the U.S. dollar. Early in the first years of the present regime, the birr was devalued to 5 birr to one U.S. dollar. Since May 1993, the birr market rate has been determined in an Interbank market supported by weekly wholesale market auction. After many modifications, the rate is now determined daily through transaction in this Interbank market.
