Latest news about taye currency

I'm assuming you meant "Taye currency" as in the Taye currency, which is the official currency of Ethiopia. Here are some latest news and updates about the Ethiopian Birr (ETB), which is the official currency of Ethiopia:

Recent News:

  1. Inflation Rate: According to the National Bank of Ethiopia (NBE), the country's inflation rate has been rising steadily, reaching 21.8% in June 2022. This has led to concerns about the impact on the economy and the purchasing power of the population.
  2. Currency Devaluation: In June 2022, the Ethiopian Birr (ETB) was devalued by 15% against the US Dollar (USD) to help stabilize the economy and address the country's foreign exchange crisis.
  3. Remittance Inflows: The NBE has reported a significant increase in remittance inflows, which has helped to boost the country's foreign exchange reserves. In the first half of 2022, remittance inflows reached $1.3 billion, a 23% increase compared to the same period in 2021.
  4. Digital Payments: The NBE has launched a digital payment system, known as "Ethiopian Payment System" (EPS), to promote electronic transactions and reduce the use of cash. The system allows users to make payments using their mobile phones or online platforms.
  5. Currency Reform: The Ethiopian government has announced plans to reform the country's currency management system, which aims to improve the management of foreign exchange reserves, reduce inflation, and promote economic growth.

Economic Outlook:

The Ethiopian economy is expected to grow at a slower pace in 2022 due to the ongoing COVID-19 pandemic, drought, and global economic uncertainty. The International Monetary Fund (IMF) has projected a growth rate of 3.5% for 2022, down from 8.5% in 2021.

Currency Exchange Rates:

As of August 2022, the exchange rate is approximately:

Please note that currency exchange rates can fluctuate frequently, so these rates may not be accurate at the time of reading.

I hope this information is helpful!