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But Tewodros Mekonnen, a researcher in the Macroeconomic division of the Ethiopian Economics Association, said the devaluation may not have the desired effect immediately because imports are mostly essential goods, such a food and fuel, while exports are agricultural items.“In order to reduce your trade deficit, your import and export needs to respond to the exchange rate devaluation, but at the moment imports are too essential to reduce it, so imports may not respond as much,” said Mekonnen.You can find me on most popular social websites under the user name "Mohatility" youtube | facebook | twitter | blogger | | Google page | Google Profile | | pinterest | hi5| myspace | tumblr | Webs etc...Birhan “Mac” Mekonnen who owns 23 Domino’s Pizza franchise locations in Texas at his home in Heath, Texas which is modeled after the Fasilides' Castle from his hometown of Gondar in Ethiopia.Debo Band’s expanded 14-piece project will tour select American cities, including New York, Philadelphia, Boston, Richmond (VA), Chicago, and Milwaukee with expected highlight stops at the Chicago World Music Festival and NYC’s Joe’s Pub.
The trade deficit comprises about 30 percent of Ethiopia’s Gross Domestic Product of about billion a year.
“It was designed to bring Ethiopians together and keep the tradition and culture,” Mekonnen says of the association, “to teach our children, making sure they know their roots.” Read more at » – Join the conversation on Twitter and Facebook.
BBC Fans of the 37-year-old singer helped raise money for his treatment after he had a stroke last Tuesday in the Ethiopian capital, Addis Ababa.
The move was welcomed by economists, though it may have the side effect of fueling inflation.
Ethiopia’s Central Bank announced Wednesday that the birr has been devalued from roughly 13 ½ birr to the dollar to nearly 16 ½ birr, a one-day drop of about 17 percent. Officials were not immediately available to comment.