Ethiopia, Sudan set to strike currency swap deal


ADDIS ABABA – The govenrments in Addis Ababa and Khartoum are poised to sign a currency swap deal, a senior official of the National Bank of Ethiopia (NBE) said.

Dr Yohannes Ayalew, Vice-Governor and Chief Economist at NBE told the Senegalese news agency, APA that under the deal, the two countries will be able to exchange the Ethiopian birr and the Sudanese pound via preferred central or commercial banks according to global exchange rates.

He claimed the move would ease the shortage of foreign currencies plaguing both countries and strengthen closer economic networking between the two countries business industries.

According to the NBE official the deal will underline improved ties between the two neighbours who have shared longstanding economic and cultural ties.

 – Agencies