World Bulletin / News Desk
In a news conference before local media on Tuesday, the National Bank of Ethiopia (NBE) said the devaluation was deemed necessary to boost exports.
Moreover, interest rates will increase to 7 percent, up from 5 percent currently, Yohannes Ayalew, chief economist and vice governor of the NBE told journalists.
One dollar will be exchanged for 26.9 birr, according to the projected devaluation rate. On Tuesday, a dollar was exchanged for 23.53 birr.
In 2010, the birr was also devalued in Ethiopia, by 16.7 percent.
On Monday, during an annual report to members of parliament, President Mulatu Teshome said Ethiopian foreign currency reserves were depleted due to low performance of the export sector.
Investors will also be tracking the start of an EU summit where Brexit will once again be the focus of attention.
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