Nov 29 , 2023
Mamo Mehretu, governor of the National Bank of Ethiopia (NBE), pledged to Parliament to reduce the inflation rate to 20pc by year-end. He attributed his ambitious goal to a trend of monthly inflation dropping be six percentage points reaching 27pc.
Central to the Bank's focus, according to the Governor, is maintaining price stability. The plan emerges at a time of macroeconomic challenges highlighted by the country's struggle to balance export earnings against rising import costs; balance of payments crisis; increasing external debt servicing; mounting budget deficit; and structural forex crunch.
Ethiopia's 3.6 billion dollars in exports last year fell short of covering its four billion dollars fuel import bill, a gap attributed to global geopolitical tensions. It's expenditure on fertiliser procurement, amounting to 2.1 billion dollars, reveals the economic pressures faced by the country.
Governor Mamo told MPs the preparation of a bill aimed at re-establishing the central bank, signaling a potential overhaul in the country's financial regulatory framework.
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