ADDIS ABABA, ETHIOPIA (APA) – Ethiopia has received a record of $389 million in remittances over a six months period from September to February 2009, reflecting an increase of 19.4 percent.
According to the Commercial Bank of Ethiopia, the increase in remittances is due to the devaluation of birr over other foreign currencies.
Currently, one US dollar is equivalent to 11 birr and 20 cents, up from 9 birr a few months back.
The bank indicated in its six months report that the devaluation encouraged people living outside Ethiopia to send more money to Ethiopia.
The six months remittance exceeds last year’s by 19.4 percent, according to the Bank’s report. Remittances for the same period last year was $313.5 million.
The remittance flow to the country has increased by an average of 44.6 percent in the last six years.
It is estimated that there are over on million Ethiopians and foreign citizens with Ethiopian origins living outside the country.
3 thoughts on “Ethiopia received $389 million in remittances in 6 months”
I am absoultly convinced that this is a deceptive record. To begin with the unverifiable and unacountable statisics is simply a bunch of imaginary numbers thrown arownd by woyanne cadres. It is supposed to be a positive and encourging image of the faltering economy. How come in a matter of less than a month ago Melese was complaining about the low remittance and now all of a sudden things are looking so rosy. At this terible economic environment no country can claim such a drastic rate of increase in such a short time. The reason the woyannes gave is the devalued ethiopian birr. Most Ethiopians living abroaed in an environment of free information flow will understand that no matter how low the birr is devalued it’s purchasing power is even lower than it’s claimed value. so ladies and gentlmen it’s again the woyanne dirty and cheap trick in the working. just ricently the county’s reserve currency is about 800 million. We toil in western countries and send the money and they transfer it back to their personnal accounts in western banks. It is the good old revolving door. It’s like a candy for woyanne parasites. Let alone ethiopia even those big remittance ricievers like Mexico and others are complaining about drowbacks.
It is hilarious when one speaks about the “cause” of something without any verification. The claim that the devaluation of Birr is the cause for an increase in remittances (if it ever increased given the global crisis) is absurd. Has the Commercial Bank of Ethiopia done any research, involving those who regularily send money to their relatives and friends in Ethiopia? I can see someone just sitting behind his desk speculating “it must be the devaluation of Birr!”. How funny it is!
What kind of report is this?
The amount $389 is not indicated if it is in USD, Euro or Birr!
So, next time, please indicate the currency.