According to Wazema Radio, the difference in exchange rates between the official and black (parallel) markets in Ethiopia’s forex market has grown significantly.
Wazema collected data from areas where black market foreign currency trading occurs and discovered that a person carrying one American dollar will be paid 90 Birr as of Monday noon, while someone wishing to buy a dollar will pay 91.50 Birr.
The official and parallel market prices for one US dollar differ by more than 37-birr.
On the flip side, Wazema reported on how private banks require a commission of up to 38-birr for small currency exchange transactions.
Importers who are having to pay this additional charge on the already high 52.51-birr exchange are transferring the burden of this cost onto their customers, further fueling inflation in the country.
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