Ethiopia's central bank announced on Monday that it was easing curbs on its foreign exchange regime.
The announcement led to a 30% slide in the value of the local currency.
The major reform comes as Ethiopia, the second most populous country in Africa, awaits a crucial funding deal from the International Monetary Fund.
The National Bank of Ethiopia announced a series of foreign exchange reforms involving significant new policy changes.
The Ethiopian government's decision to ease its foreign exchange regime is a sign that the country is committed to economic reform. The reforms are likely to have a number of positive effects on the Ethiopian economy, but they also come with risks. It is important to monitor the situation closely and see how the reforms play out.
Stay tuned for more updates on the Ethiopian economy. In the meantime, you can learn more about the reforms by visiting the National Bank of Ethiopia's website or reading news articles on the topic.
The first measure was a shift to a market-based exchange regime, according to NBE.