NBE devalues currency by 15 pct

(EBC; October 10, 2017) - The National Bank Ethiopia (NBE) has devalued the Ethiopian Birr by 15 percent, effective as of Wednesday, the bank has announced.

Vice Governor of NBE, Dr. Yohannes Ayalew, told reporters on Tuesday that the bank also raised its main interest rate to 7 percent from 5 percent.

According to the chief economist, besides promoting exports, the measure would boost saving culture.

Reporter: Hiwot Degefu