The Ethiopian Ministry of Finance said Friday that the East African country is working on measures to allow it to trade in currencies other than the U.S. dollar, and that there are countries with which it has reached agreements in this regard at various times.
The ministry said that the decision aims to strengthen Ethiopia’s trade and investment ties with various countries, maintain trade balance, and prevent the negative impact of dependence on a single currency.
Ethiopia has reached agreements with countries such as the United Arab Emirates to allow them to trade in their currencies, said State Minister of Finance Eyob Tekalign in an interview with the Ethiopian Broadcasting Corporation Friday.
Tekalign said that the government is working on ways to trade in currencies other than the U.S. dollar in order to facilitate trade and investment cooperation in a way that protects Ethiopia’s interests.
He added that the move is aimed at expanding the country’s access to foreign markets, and it has been found necessary to have additional currencies other than the U.S. dollar.
