Ethiopia has seen a significant boost in foreign exchange availability following the implementation of macroeconomic reforms, with key figures pointing to economic progress. Reflecting on the country’s economic progress during a public forum organized by the Prime Minister’s Office, Minister of Planning and Development, Dr. Fitsum Assefa, shared that exports have surged by 102% in the past seven months compared to the same period last year. Additionally, USD3.9 billion has been received from development partners, and remittances have risen by 14% compared to the previous year.

Dr. Fitsum further explained that the National Bank of Ethiopia’s foreign exchange auction system has facilitated USD5.1 billion in foreign exchange purchases by banks, with USD4.4 billion sold and a USD720 million surplus remaining in the banking system. This surplus, she noted, has resolved concerns about foreign exchange availability for viable investments.

The Minister also highlighted a 20% increase in the supply of capital goods for manufacturing compared to the same period last year. Through the Ethiopian Manufacturing Movement, 395 factories that had previously halted production due to national and international challenges have resumed operations. Dr. Fitsum emphasized that foreign exchange is no longer a structural problem for Ethiopia’s industries, paving the way for continued investment and growth.