Addis ababa: The Ethiopian Ministry of Finance announced that the East African nation is implementing measures to trade in currencies other than the U.S. dollar, reaching agreements with multiple countries to facilitate this shift.
According to Ghana News Agency, the ministry emphasized that this decision is intended to bolster Ethiopia's trade and investment relationships, maintain trade balance, and mitigate the risks associated with relying on a single currency. State Minister of Finance Eyob Tekalign, in an interview with the Ethiopian Broadcasting Corporation, disclosed that agreements have been made with countries such as the United Arab Emirates to conduct trade in their respective currencies.
Tekalign elaborated that the Ethiopian government is actively exploring methods to engage in currency exchanges beyond the U.S. dollar, aiming to enhance trade and investment collaborations while safeguarding Ethiopia's economic interests. He further noted that this strategic move is crucial for expanding Ethiopia's access to international markets, highlighting the necessity of incorporating multiple currencies into their trade practices.
