Ethiopia’s parallel forex market continues to spiral upward, with the exchange rate hitting a staggering 174 ETB per USD—a sharp rise from 150 ETB just weeks ago and a significant jump from the official rates. This widening gap highlights the deepening strain on the government’s reform agenda and foreign exchange market liberalization efforts.
Reform Momentum Meets Structural Headwinds
As part of its reform agreement with the International Monetary Fund (IMF), Ethiopia has undertaken ambitious steps to unify its exchange rate system. By eliminating most official FX rationing in mid-2024, the country initially reduced the black market premium to nearly zero. However, that trend has since reversed. According to the IMF’s Country Report No. 25/189, the premium had already climbed to 17% by May 2025—and recent market data suggests the gap has now widened even further.
With the official rates hovering at ETB 139.74 per USD at Rooha Forex Bureau and ETB 126.48 per USD at CBE, the new black market rate of 174 ETB reflects a premium of over 38%, undermining reform credibility and fueling public skepticism.
13 thoughts on “Ethiopia’s Parallel Forex Rate Surges to 174 ETB, Testing Government Reforms”
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