The Woyanne junta in Ethiopia has secretly printed over 50 billion birr in preparation for further devaluation of the Ethiopian currency, according to Ethiopian Review Intelligence Unit’s sources. News of the planned devaluation started to leak this weak, causing anxiety in the business community. Businessmen who have access to this information are now busy converting their money into hard currency.
Last year in September birr lost 16 percent of its value after devaluation. Since then inflation rate climbed to over 35 percent.
The expected devaluation of birr will be a double blow to people who have investments in Ethiopia. A few days ago the regime announced a new decree that will assert government ownership of land, significantly diminishing, in some cases completely wiping out, the value of real estate properties in Ethiopia.