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On 1 August, the government ordered the shutdown of dozens of businesses due to surging prices of basic commodities in Addis Ababa. Addis Ababa City Trade Bureau spokesperson Sewnet Ayele said, "the businesses were caught making unreasonable price increases, mostly on food items. The stocks were imported before the new exchange rate."
The birr was reintroduced on 23 July 1945 at a rate of 1 birr per 2 shillings. It was pegged to the U.S. dollar at a central rate of 1 birr = US$0.4025, or 2.48447 birr = US$1. On 31 December 1963, this was slightly changed to 2.50 birr = US$1. The name Ethiopian dollar was used in the English text on the banknotes.
The Ethiopia Commodity Exchange (ECX) is a commodities exchange established April 2008 in Ethiopia. In Proclamation 2007-550, which created the ECX, its stated objective was "to ensure the development of an efficient modern trading system" that would "protect the rights and benefits of sellers, buyers, intermediaries, and the general public."
As of 2005, Ethiopia uses the ports of Djibouti, connected to Addis Ababa by the Addis Ababa – Djibouti Railway, and to a lesser extent Port Sudan in Sudan. In May 2005, the Ethiopian government began negotiations to use the port of Berbera in Somaliland. By 2030, the government expects a $74 billion investment in transportation. [67]
In 1994, wholesale and retail trade was the leading employer in Addis Ababa closely followed by manufacturing (18.9% and 18.0%, respectively), while public administration stood as a distant third. The high percentage of the "private household with employed persons" sector for Addis Ababa reflects the highest share of domestic workers in the ...
Ethiopia's 4.4 percent average per capita GDP growth rate was higher than Sudan's 1.3 percent rate or Somalia's 1 percent rate. [1] However, Kenya's GDP grew at an estimated 6 percent annual rate, and Uganda achieved a 5.6 percent growth rate during the same 1960–61 to 1972–73 period.
MIDROC Ethiopia was established in 1994. In 2011 it made a profit of 1.3bn birr (US$70m). [4]MIDROC has major gold mining interests in Ethiopia [5] [6] and it is reported that MIDROC Gold Mine (a subsidiary of MIDROC Ethiopia) has paid the Ethiopian Government 100.1 million birr in royalties, the largest contribution of any mining company. [7]
Addis Ababa (/ ˌ æ d ɪ s ˈ æ b ə b ə /; [5] Amharic: አዲስ አበባ, lit. 'new flower' [adˈdis ˈabəba] ⓘ,Oromo: Finfinnee, lit. 'fountain of hot mineral water') is the capital and largest city of Ethiopia and Oromia [6] [7] [8] In the 2007 census, the city's population was estimated to be 2,739,551 inhabitants. [2]