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It’s been a month since the Ethiopian government changed its policy to let foreign exchange be determined by the market. Manufacturing investors interviewed by VOA said they are getting better foreign exchange from banks as the economy improves, but they are concerned about its sustainability. They said they have not been hurt by the policy change so far.
Dr. Argega Shumate, a senior economist at the Ethiopian Economic Experts Association, said investors may not be too affected by current prices, noting that they used to import products at black market prices for processing.
However, they say that if the exchange rate rises further, the difference between the prices of the products they sell abroad and the goods they import for production will disappear, and they will find it difficult to continue to be productive.
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