Ethiopia's central bank to sell $175 million for fuel imports
Adds background, quote in paragraph 4
NAIROBI, Oct 3 (Reuters) -Ethiopia's central bank said on Thursday it plans to sell $175 million intothe foreign exchange market to address fuel-related import payments due over the coming months.
The Horn of Africa nation, struggling with soaring inflation and chronic foreign currency shortages, became the third economy on the continent in as many years to default on its governmentdebt last December.
The National Bank of Ethiopia (NBE) governor Mamo Mihretu said in a statement that forex reserves at the central bank and commercial banks had hit record highs since the birr currency wasfloated in late July.
"Today's sale of $175 million by NBE is part of a comprehensive plan that addresses all fuel-related foreign exchange payments for this year while also ensuring improved foreign exchange access and availability for all other economic sectors," Mamo said.
Reporting by Hereward Holland
Editing by Bate Felix
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