It took only two years (between 2019 and 2022) for the depreciation of birr by 18 birr, compared to the four years it took (between 2015 and 2019) to reduce its value by 11 birr. In fact, the downward trajectory of birr’s value started in 2012, when the exchange rate was at 10 birr per USD.
After the massive 15 percent devaluation in a single round in 2017, birr has kept on losing its value, depreciated constantly by a fraction of cents every day, especially over the past three years, though officials previously admitted that the 15 percent devaluation was wasted.
