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Ethiopian government warns traders against illicit price hike

Staff Writer | October 19, 2017
The Ethiopian government warned traders who are attempting to exploit the public by sabotaging the recently effective currency devaluation to increase imported products' price.
Africa   Some traders have attempted to hide their products
According to the Ethiopian Trade Practice and Consumers Protection Authority, some traders have attempted to hide their products, particularly imported goods, so as to increase the products' price in line with the present rate of the Ethiopian birr (ETB).

The National Bank of Ethiopia (NBE) has recently announced the plan to devalue the Ethiopian birr by 15 percent, due effective as of the first day of the second month of the Ethiopian year on Wednesday last week.

The move was mainly designed to attain the east country's target to increase its earnings from the export sector during the recently commenced Ethiopian 2017-2018 fiscal year.

However, as the value of the ETB dropped by 15 percent, the value of imported goods, mainly electronics and other technology-related products, is expected to increase.

The authority announced in a statement on Thursday that traders who have imported goods prior to the devaluation will not be allowed to hide their products from the market or increase the price of their products from the previous market price, in which the products were purchased from foreign markets.

The authority also warned that it will take legal actions on wrongdoers for their actions on the matter.