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Ethiopia: Foreign Exchange

Volume 470: debated on Tuesday 15 January 2008

To ask the Secretary of State for International Development pursuant to the answer of 11 December 2007, Official Report, columns 414-5W, on Ethiopia: foreign exchange, what the (a) exchange rate obtained, (b) value of commission paid, (c) name of the exchange institution or bank used and (d) purpose of the transaction was of DFID Ethiopia's currency exchanges of (i) 27 July 2007 and (ii) 8 October 2007. (177170)

(a) The exchange rates obtained were (i) 18.4789 Birr = £1 and (ii) 18.3706 Birr = £1 respectively.

(b) The value of commission paid was (i) £626.57 and (ii) £625.00 respectively.

(c) The transactions were made through the international banking division of the Commercial Bank of Ethiopia.

(d) Both transactions were made to fund payments in local currency.