Police Closes Shops Alleged to Engage in Black Market Trading

Addis Abeba Trade Bureau along with the Addis Abeba Police Commission have begun closing shops behind Ethiopia Hotel, on Yohanes Street, suspected of engaging in an illegal business. The area is famous for the black market trade that takes place.

The operation started yesterday late in the afternoon. So far, over 60 shops were closed and are under investigation. Police have also seized foreign currency and put an unspecified number of people under custody, according to eyewitnesses.

While the official exchange rate for one dollar has been set at  27.5 Br, the black market rate had peaked at a historic rate of 36.6 Br two months ago. However, it showed a significant decline of 19.4pc following Prime Minister Abiy Ahmed’s (PhD) warning engaging in the parallel market and hoarding foreign currency.

Published on Aug 28,2018 [ Vol 19 ,No 957]



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