National Bank of Ethiopia denies plans for a substantial and immediate exchange rate adjustment

The National Bank of Ethiopia (NBE) has categorically denied any plans for a substantial and immediate exchange rate adjustment. The article, relying on the purported views of an undisclosed parliament member, alleges that NBE presented a document to the Parliament outlining such plans.

According a statement on its social media account X NBE says “wishes to address and correct recent misinformation circulating in the media, particularly in the December 3, 2023, Amharic edition of the Reporter Newspaper. The article in question has portrayed a misleading account of a presentation made by NBE to the Parliament last week.
Contrary to the claims made in the article, NBE emphatically states that the information is entirely false and represents irresponsible journalism.
“During the parliamentary session in question, which lasted close to four hours, NBE did not discuss, propose, or present any information related to a significant exchange rate adjustment. There is no document submitted to the Parliament containing such plans. NBE asserts that the claims made in the Reporter Newspaper are baseless and unfounded,” the statement added
The bank appeal to the public to exercise caution and not be misled by the inaccurate reporting in this matter as the Reporter Newspaper has been formally requested to print a retraction of its article, and we anticipate their compliance in rectifying this error in their next edition.
NBE emphasizes that any artificial price increases implemented by businesses or individuals in response to these false rumors are unwarranted.