this post was submitted on 29 Jul 2024
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ADDIS ABABA, July 29 (Reuters) - Ethiopia's central bank floated the country's birr currency on Monday, a move it hopes will secure International Monetary Fund (IMF) support and make progress on a long-delayed debt restructuring.

The birr's value against the U.S. dollar slumped by 30% to 74.73 per dollar, the country's biggest lender, Commercial Bank of Ethiopia said. The currency had been trading at 57.48 birr to the dollar on Friday.

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Reuters Media Bias Fact Check Credibility: [High] (Click to view Full Report)

Reuters is rated with High Creditability by Media Bias Fact Check.

Bias: Least Biased
Factual Reporting: Very High
Country: United Kingdom
Full Report: https://mediabiasfactcheck.com/reuters/

Check the bias and credibility of this article on Ground.News:
- https://ground.news/find?url=https%3A%2F%2Fwww.reuters.com%2Fmarkets%2Fcurrencies%2Fethiopia-shifts-market-based-foreign-exchange-system-2024-07-29%2F


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