Ethiopia received $389 million in remittances in 6 months

ADDIS ABABA, ETHIOPIA (APA) – Ethiopia has received a record of $389 million in remittances over a six months period from September to February 2009, reflecting an increase of 19.4 percent.

According to the Commercial Bank of Ethiopia, the increase in remittances is due to the devaluation of birr over other foreign currencies.

Currently, one US dollar is equivalent to 11 birr and 20 cents, up from 9 birr a few months back.

The bank indicated in its six months report that the devaluation encouraged people living outside Ethiopia to send more money to Ethiopia.

The six months remittance exceeds last year’s by 19.4 percent, according to the Bank’s report. Remittances for the same period last year was $313.5 million.

The remittance flow to the country has increased by an average of 44.6 percent in the last six years.

It is estimated that there are over on million Ethiopians and foreign citizens with Ethiopian origins living outside the country.