The value of Ethiopia’s currency has fallen by 30% against the US dollar after the government relaxed currency restrictions,according to one the country’s biggest banks, the Commercial Bank of Ethiopia.

The government reversed its long-standing policy of fixing the exchange rate in a bid to secure a loan of $10.7bn (£8.3bn) from the International Monetary (IMF) and World Bank.

Some Ethiopians have received the news with apprehension fearing that it will lead to a sharp rise in the cost of living at a time when inflation is already high. 

The country has been struggling with chronic foreign currency shortages particularly in recent years.

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