In This Article:
(corrects day in first paragraph)
LONDON, Nov 3 (Reuters) - Ethiopia's sovereign dollar bond dropped to a record low on Wednesday after U.S. President Joe Biden said he planned to cut off the country from duty free access to the United States as conflict on the ground escalated further.
The 2024 bond fell by 1.6 cents in the dollar to 78.7 cents, Tradeweb data showed.
Biden said in a letter to Congress that he intends to remove Ethiopia due to human rights violations, the strongest response yet to the conflict in the region of Tigray that has caused mass displacement and famine. The move would come into effect on Jan. 1.
The drop extends falls suffered on Tuesday when Ethiopia declared a six-month state of emergency after forces from the northern region of Tigray said they were gaining territory and considering marching on the capital Addis Ababa. (Reporting by Karin Strohecker Editing by Huw Jones)