Workers go about their work at Huajian Shoe factory about 40 kilometers south of Addis Ababa, capital of Ethiopia, July 19, 2017. (Xinhua/Michael Tewelde)

ADDIS ABABA, Oct. 11 (Xinhua) -- The National bank of Ethiopia (NBE) announced on Tuesday that it will devalue the Ethiopian birr by 15 percent starting from October 11.

The statement from NBE said the Ethiopian Birr which is currently trading at 23.9 birr to 1 U.S. dollar and 27.5 birr to 1 euro will have a 15 percent adjustment.

NBE said the devaluation is intended to boost Ethiopia's exports which stood at 2.9 billion U.S. dollars during the 2016/17 Ethiopian fiscal year, which ended July 8.

The revenue was lower than the 4 billion dollars the Ethiopian government had intended to earn from exports in the 2016/17 fiscal year.

The birr devaluation also closely aligns with a recent commendation by an International Monetary Fund (IMF) delegation which suggested birr devaluation of at least 20 percent.

The birr devaluation is the biggest the East African country has made in seven years.

Ethiopia had in August 2010 devalued its birr by 16.7 percent, a move the Ethiopian government said was made to spur economic growth and boost foreign trade.

The NBE also announced interest rate on deposits in banks will increase from the current 5 percent to 7 percent as part of the Ethiopian government plan to encourage savings in its citizens.