State Bank’s Inflow of Currency Hikes

The amount of foreign currency that the Commercial Bank of Ethiopia exchanges for local currency went substantially up last week. The bank stated it is exchanging up to six million dollars a day.

The bank noted that the foreign currency inflow increased after Prime Minister Abiy Ahmed’s (PhD) announcement that individuals that have hoarded currencies can turn them over without fearing prosecution. Currently, people are going to different branches in the country to do so and from four to six million dollars are coming to the bank every day.

140,000 dollars were also caught in the process of getting smuggled out of the country. Close to 110,000 dollars was caught in Jigjiga, and the rest was retrieved from Bole International Airport, according to the Ethiopian Revenues & Customs Authority (ERCA).

Published on Aug 01,2018 [ Vol 19 ,No 953]



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