October 18, 2018 / 10:06 AM / a month ago

Ethiopia's forex reserves rise 30 pct after falling to 'alarming' levels -PM

ADDIS ABABA, Oct 18 (Reuters) - Ethiopia’s foreign exchange reserves have risen by almost a third in recent months after dropping to alarming levels, the Prime Minister Abiy Ahmed said on Thursday.

The reserves were boosted by increased remittances after a government campaign to encourage Ethiopians abroad to send cash home and by a $1 billion dollar deposit by the United Arab Emirates to the central bank’s coffers. (Writing by Duncan Miriri Editing by Matthew Mpoke Bigg)

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