Over $21.5 billion foreign currency obtained in 2023/24 fiscal year – President Taye

Addis Ababa, October 7, 2024 (FBC) – The newly elected president of the Federal Democratic Republic of Ethiopia, Taye Atske-Selassie said that his country has obtained more than 21.5 billion USD of foreign currency in the 2023/24 fiscal year from various sectors.

The president made this remark while presenting the federal government’s plans for the 2024/25 fiscal year at the joint opening session of the House of People’s Representatives and the House of Federation Council this afternoon.

The president himself was appointed at the joint opening session and sworn in as the new president of the country, succeeding the outgoing Sahle-Work Zewde who has been at the helm since 2018. During the swearing in ceremony, the outgoing President of Ethiopia, Sahle-Work Zewde, handed over the Constitution to the new Head of State.

On the occasion, President Taye officially announced the commencement of the two houses annual work.

In his speech, President Taye mentioned that the overall inflation in the country has dropped to 18 percent.

By expanding the diversity of export products and new market destinations, 3.8 billion USD was obtained from exports in the 2023/24 fiscal year, he mentioned, pointing out that this is an increase of 4.8 percent compared to the 2022/23 fiscal year.

Moreover, a total of 21.5 billion USD foreign currency was obtained from export of products, service sector, remittances and foreign direct investment.