On October 11, 2017, the National Bank of Ethiopia (NBE) devaluated the birr by 15Pct against the basket of major hard currencies. According to the press briefing given by Yohannes Ayalew, vice governor of the NBE, the motive behind the devaluation was to encourage exports and attract investment.

As revealed later in the explanatory note attached to the bill introduced to parliament regarding federal government supplementary budget, this time around, the NBE’s measure was a means to raise money and contribute to windfall tax that was later earmarked to make significant contribution to the budget.

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