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The precarious birr

Once again, the embattled Ethiopian Birr has experienced a significant decline against the mighty US Dollar. The latest round of devaluation resulted in shaving off 15 percent of the purchasing power from the Birr vis-à-vis the Dollar. The latest move aside, NBE has two other devaluations under its belt. For all its achievements in registering double-digit economic growth in the past 15 years, Ethiopia is still unable to improve its foreign currency shortage. All major devaluations were taken in the name of shaking this persistent and annoying evil. Nevertheless, devaluation has some serious tradeoffs.

Haile builds four-star resort in Arba Minch

To increase number of hotels to 20 in five years Haile Gebreselassie, renowned athlete turned businessman, is building a four-star resort hotel in Arba Minch town, Southern Regional State at a cost of 250 million birr.

Strategy aims to boost cotton production

A new strategy seeking a platform for cotton development in the coming 15 years recommended the establishment of the Ethiopian Cotton Development Authority (ECDA), The Reporter has learnt.

EIB provides funds for pv’t firm

Following approval a fortnight ago by the board of directors of the European Investment Bank (EIB), it would soon sign an equity investment fund agreement amounting to USD 10 million with Cepheus Growth Capital Fund. The investment is expected to assist private equity investment by Cepheus.

Steely lists 1.2 bln for rebar bid

Steely RMI Plc, a local steel bar manufacturing company, listed 1.23 billion birr for the supply of 50,084 tones of reinforcement bars for public housing projects in Addis Ababa, it was learnt.