Ethiopia’s economy is expected to grow by 8.4% in the current fiscal year, Ahmed Shide, the finance minister, told local media during the briefing.
Macroeconomic reforms will play a significant role in the development of the country’s economy, the minister said. Shide added that reforms, in particular, were implemented in the foreign economy sector. The measures were aimed at granting licenses to non-bank foreign exchange offices.
The minister also noted that in the first four months of the 2017 fiscal year, all commercial banks recorded $3.3 billion in foreign currency earnings, showing a growth of 13.5 percent compared to the same period last year.
Shide pointed out that the macroeconomic reforms have improved the situation in agriculture, manufacturing, mining, and tourism.
The Ethiopian fiscal year 2017 started on July 7, 2024, in the Gregorian calendar.