The same report adds that authorities have underscored their continued commitment to closing the gap with the parallel rate to eventually move to a market-clearing exchange rate, but signalled a need to continue moving with caution. “Increasing the pace of depreciation would help reduce real overvaluation and act as a shock absorber during the crisis,” the report states. In May 2020, the International Monetary Fund (IMF) country report urged Ethiopia to accelerate the birr depreciation. The second and current Birr has been the official currency of Ethiopia since the nineteen forties.
Although the first Birr dates back as far as the early nineties, the coins used in Ethiopia were Maria Theresa thalers and Menelik II talari. The Ethiopian Birr is the second most used currency in Africa after Nigeria’s Naira.
The National Bank of Ethiopia and formerly the Bank of Abyssinia is the central bank. It has been in service since the Nineteen-Thirties. The Ethiopian currency is called Ethiopian Birr. – Black market exchange is illegal in Ethiopia therefore its advisable to use legal channels to exchange foreign currency.
Black market exchange rate is 68.00 – 82.00 birr depending on location. Worst exchange rate of March 2015: 20.2744, Best exchange rate of March 2015: 20.4482, Average exchange rate in March 2015: 20.– Holiday season () Dollar official exchange rate 52.26 birr. Worst exchange rate of February 2015: 20.2549, Best exchange rate of February 2015: 20.3943, Average exchange rate in February 2015: 20.32 Worst exchange rate of January 2015: 20.1952, Best exchange rate of January 2015: 20.3691, Average exchange rate in January 2015: 20.2461 US Dollar to Ethiopian Birr Monthly Exchange Rates Converting US Dollar (USD) to Ethiopian Birr (ETB) in 2015 with the best, worst and average exchange rates of the year Table of 1 US Dollar to Ethiopian Birr Exchange Rate:
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