NBE refutes Reporter Newspaper’s article on planned large exchange rate adjustment

Addis Ababa, December 4, 2023 (FBC) – In a statement sent to FBC, the National Bank of Ethiopia (NBE) stated that a recent article in the December 3, 2023 Amharic edition of Reporter Newspaper has presented a completely inaccurate and misleading picture of a presentation provided by NBE to the Parliament last week.

“The Article suggests, based on the views of some undisclosed parliament member, that NBE plans to make a large and immediate exchange rate adjustment, and that a document presented to parliament supposedly reveals such plans,” the statement says.

“This is simply false and irresponsible journalism, and NBE wants to make clear to the public that no such information was presented by the NBE during the Parliament discussion and that no such document has been provided to the Parliament. Not even a single word on this topic was presented by NBE during a session that lasted close to four hours,” the central bank noted.

In light of the above facts, NBE urged the public not to be misled by false press reporting in this area.

“The Reporter Newspaper has been asked to print a retraction of its article and is expected to do so in its next edition. Any artificial price increases taken by businesses or individuals on the basis of such false rumors or speculation is completely unwarranted and will be closely monitored, NBE stressed,” NBE added.