The market has been in turmoil in the past week amid stories and rumors that have been springing all over the place. The price of salt skyrocketed by a thousand percent due to some rumors. In a stint to stabilize the market in all its aspect, the government has taken various measures to control recent price hikes that have gotten out of hand.

In the past week alone police have arrested merchants involved in fixing the price of commodities like salt and teff. In a recent addition to measures taken by the government, shops involved in the black market of foreign exchange were simultaneously raided on Thursday. At the same time the raids were taking place, the Minster of Trade and Industry announced that licenses of cement importers have been revoked. Sources told The Reporter that although these importers were supposed to import cement using foreign exchange obtained from abroad, they have allegedly been obtaining the foreign exchange on the black market and siphoning it abroad through various channels. Even though the dollar has reached an all time low against the Euro and the American economy is on the verge of a recession, at the time the raids on the black market vendors occurred, the exchange rate for one dollar had reached 10.70 birr.

By Hailu T.