Tag Archives: Forex Crisis

Ethiopia Police Cracks Down on Illegal Forex Trade

Ethiopia is hit by recurrent foreign currency Forex shortage
Ethiopia has been hit by recurrent foreign currency shortages.

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 tampering. Continue reading Ethiopia Police Cracks Down on Illegal Forex Trade

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

Many cash machines in the Sudanese capital have run out of banknotes as the government scrambles to prevent economic collapse

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

Sudan Sharply Devalues Currency as Economic Crisis Bites

The central bank pegged the Sudanese pound at 47.5 against the dollar from the previous rate of 28 to the dollar, the third devaluation this year, in the face of a mounting economic crisis.

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 prices. Continue reading Sudan Sharply Devalues Currency as Economic Crisis Bites

Eritrea-Ethiopia Peace Initiative: The Genesis and the Prospect

As people who have had a ‘good’ taste of bad war and familiar with its ugly outcome, Eritreans want to be optimistic and see the full implementation of the peace process including the border demarcation.

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. Continue reading Eritrea-Ethiopia Peace Initiative: The Genesis and the Prospect

Breaking the Stalemate in the Egypt-Ethiopia Dam Dispute

Cairo needs Washington’s help to avoid a drastic, potentially destabilizing water shortage while advancing the negotiations with Ethiopia, argues Barak Barif in this article.

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 economy. Continue reading Breaking the Stalemate in the Egypt-Ethiopia Dam Dispute