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Ethiopia invests $2.2B to support its currency
Ethiopia has spent $2.2 billion since the beginning of the year to support its local currency, the birr, in an attempt to halt its decline. However, these interventions have been insufficient due to economic pressures such as rising oil prices and the war with Iran, resulting in a 3.2% decrease in the currency's value over the year and the dollar exchange rate reaching around 180 birr in the black market. Meanwhile, the Central Bank continues to sell an additional $500 million to combat the ongoing depreciation.
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