Ethiopia’s Gold Exports Surge 735%, Foreign Currency Inflows Jump 23.3%











The National Bank of Ethiopia (NBE) has announced significant economic changes, with inflation dropping to 15.5% in January 2024, down from 29.4% a year ago—a 13.9 percentage point decline. Food inflation fell by 16.6 percentage points, while non-food inflation dropped by 10.2 percentage points.

Meanwhile, Ethiopia’s export sector has reached record highs, with gold exports surging by 735.2% compared to last year and coffee exports rising by 60%. In contrast, total imports have fallen from $8.99 billion (July–December 2023) to $8.63 billion in the same period of 2024, reflecting adjustments to the exchange rate.

Foreign currency inflows are also strengthening, with private individual transfers via banks increasing by 23.3%. Additionally, the daily average of foreign exchange sales by banks has nearly doubled, rising from $22.0 million in August to $42.9 million in January.

Interbank market activity continues to grow, with trading volumes increasing in both the money and foreign exchange markets. The interbank money market’s cumulative transactions peaked at ETB 183.3 billion in week 12, indicating improved liquidity and market confidence.