ADDIS ABABA, July 23 (Xinhua) -- Ethiopia secured more than 32 billion U.S. dollars from foreign exchange revenue sources during the just-concluded Ethiopian fiscal year amid positive macroeconomic reform measures, the National Bank of Ethiopia (NBE) has disclosed.
NBE Governor Mamo Mihretu made the remark on Tuesday while addressing the Ethiopian Finance Forum in the capital, Addis Ababa.
According to Mihretu, the Ethiopian government is implementing various measures to ease a long-standing foreign exchange shortage. The efforts include a structural reform of the country's foreign exchange governance policy architecture, such as the introduction of a market-based foreign currency exchange regime.
He said such measures helped the East African country generate a record 32.1 billion U.S. dollars from foreign revenue sources in the 2024/2025 fiscal year, which ended on July 7.
As the inflow marked a notable increase when compared with the previous fiscal year, which was 24.7 billion U.S. dollars, Mihretu said the positive improvements serve as a key indicator of the country's improving macroeconomic stability and investor confidence.
He added that, in addition to addressing the previous chronic foreign exchange shortage, the Ethiopian government's ongoing macroeconomic reform also envisages addressing other critical challenges that have hindered the country's development, mainly inflation and lack of macroeconomic stability. ■
