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Lower-than-expected volumes of hard currency sales by the central bank through auctions and higher gold exports contributed to an over-performance of the net international reserves target for August, the IMF said. The net international reserves stood at USD 1.3 billion in mid-August, more than double the target of USD 630 million, the Fund said.
The International Monetary Fund has raised Ethiopia’s net international reserves target to facilitate payments of upcoming hard currency bills. The East African nation secured a USD 3.4 billion, four-year financing program from the IMF in July after carrying out a series of reforms including floating its birr currency. It is also in the midst of a fresh push to put its debt restructuring back on track.
Lower-than-expected volumes of hard currency sales by the central bank through auctions and higher gold exports contributed to an over-performance of the net international reserves target for August, the IMF said. The net international reserves stood at USD 1.3 billion in mid-August, more than double the target of USD 630 million, the Fund said.
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It raised the end-June 2025 target by USD 300 million to USD 400 million, to help create a buffer for the country to settle maturing letters of credit for fuel imports issued before reforms started.
