The Central Bank of Russia has officially set the exchange rate of the Ethiopian birr against the Russian ruble, paving the way for direct trade and financial transactions between the two countries.
According to the new rate, Birr 100 is equivalent to Ruble 57.5872. The Russian Central Bank also assigned the Ethiopian birr the code number 230 in its official currency list.
Officials noted that this move is part of a broader effort by Russia to strengthen economic ties with partner countries outside the dollar system. The exchange rate between the birr and the ruble will be periodically reviewed and updated.
Russia has applied similar measures for the currencies of 12 countries to encourage direct settlements and reduce dependence on the US dollar. Alongside Ethiopia, the list includes Bangladesh, Bahrain, Bolivia, Cuba, Algeria, Iran, Myanmar, Mongolia, Nigeria, Oman, and Saudi Arabia.
The announcement is expected to facilitate trade, investment, and other cross-border transactions by allowing businesses in Ethiopia and Russia to settle payments directly in birr and rubles without the need for intermediary currencies.
Source: Sheger FM 102.1