The birr traded at 82 per dollar on the informal market on June 6, down 26% since the start of last month, according to two traders in the capital, Addis Ababa, who asked not to be identified for fear of reprisals by the authorities. The Ethiopian currency’s official rate is currently 52 birr per dollar.

The central bank this week said it’s detected a rise in the use of cryptocurrencies and other virtual assets, some of which “are being used for illicit financial flows and money laundering.”

A shift away from formal currency trading channels undermines the National Bank of Ethiopia’s “ability to conduct monetary policy and retain its traditionally tight control of the foreign-exchange market.”

"For now the government’s options are limited and it looks as though it will just need to ride out the current storm with the tools it has.”