Forex Crisis Archives

Ethiopia Police Cracks Down on Illegal Forex Trade

January 19, 2019TesfaNewsLeave a Comment

BY SAMUEL GETACHEW | THE REPORTER The Addis Ababa Federal Police has raided the foreign exchange black market shutting down all suspected stores located around Gandhi Hospital and Ethiopia Hotel. The stores, believed to do the illegal business,have been shut since late last week and are now guarded by the police to prevent from evidence […]

Cash Runs Out in Khartoum as Sudan Struggles to Halt Economic Crisis

November 12, 2018TesfaNewsLeave a Comment

BY KHALID ABDELAZIZ | REUTERS Many cash machines in the Sudanese capital have run out of banknotes as the government scrambles to prevent economic collapse with a sharp devaluation and emergency austerity measures.

Sudan Sharply Devalues Currency as Economic Crisis Bites

October 7, 2018TesfaNewsLeave a Comment

BY AFP Sudan slashed the official value of its currency against the US dollar by more than half on Sunday, the third devaluation this year in the face of a mounting economic crisis. The move came just weeks after President Omar Al-Bashir replaced the government over its failure to curb economic woes including soaring food […]

Inflation in Sudan Rises to 66.94 Percent

September 17, 2018TesfaNewsLeave a Comment

BY SUDAN TRIBUNE Sudan’s inflation rate has risen to 66.82% in August compared to 63.94% in July, reported the Central Bureau of Statistics (CBoS) in its monthly bulletin on Saturday.

Eritrea-Ethiopia Peace Initiative: The Genesis and the Prospect

September 14, 2018TesfaNewsLeave a Comment

BY BRUH METSAE Two decades after the eruption of full-fledged war between Eritrea and Ethiopia and the subsequent huge human and material loss that ensued both countries are today burying the hatchet and working in embracing and solidifying peace and reviving their badly needed economy.

Breaking the Stalemate in the Egypt-Ethiopia Dam Dispute

September 1, 2018TesfaNewsLeave a Comment

BY BARAK BARIF | THE WASHINGTON INSTITUTE On July 26, the chief engineer of the Grand Ethiopian Renaissance Dam, Simegnew Bekele, died under mysterious circumstances. Two days earlier, Prime Minister Abiy Ahmed revealed that the project could take another ten years to complete, even though the self-financed dam has already strained the impoverished country’s fragile […]

China Scales Back Investment in Ethiopia

June 3, 2018TesfaNewsLeave a Comment

Ethiopia’s economy pressured by rising debt and foreign exchange crisis BY THE FINANCIAL TIMES China is scaling back investment in Ethiopia in the face of rising foreign exchange shortages and government debt, highlighting the fragility of the African nation’s economy as the new prime minister prioritizes political reform to quell three years of deadly social […]