The National Bank of Ethiopia (NBE) announced a devaluation of the country’s currency, the birr by 15% effective Wednesday, October 11, 2017. Along with the devaluation which is the first since 2010, interest rates on deposits have been pushed up by 2%, it will now stand at 7%. This is in a bid to cope with the serious foreign currency crunch it has faced and in attempt to cover a billion dollar loan payment due this years, according to information obtained by ESAT. The devaluation pegs the Birr at 26.91 to the dollar, up from 23.40 Br on the official market.
Kenyans on Twitter is one the most dangerous groups to mess with in Kenya. They will troll just about anybody they feel like. Kenya’s boy band, Sauti Sol are under attack after a tweet that got #KOT telling them what they REALLY feel about the artistes all this time. … read more Savage: Sauti Sol taught lesson on politics by KOT