Thursday and Friday was actually noted as notorious days for these transactions. “Those that are sabotaging the market inject false rates of the market through social media to hype up the exchange and when someone comes to actually exchange the currency at the black market, he/she is greeted with a different offer,” experts explain showing how the disparities have risen over the week. With the dollar doing well on the global market against the Euro and GBP, experts who closely follow Ethiopia’s exchange rate highlight that the widening of the parallel and normal market is as a result of sabotage by those who do not seek the national interest of the country, except their own. “As per my information it is about 100 birr per dollar,” one of the traders said. One of the parallel market actors said that the exchange rate was at 104 birr per dollar, other two sources claimed that as of Friday (September 30) that the rate showed dips from last week’s rate. If this continues, hyper inflation is set to loom over the local currency, experts warn.įrom Capital’s investigation of various illegal market rates, volatility has widely been observed throughout the week. Volatility and disparity of foreign currency exchange arise in the black market with sabotage signaled as the primary fuel by financial experts.
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