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National Bank of Ethiopia Warns Against Illegal Forex Transfer Agents National Bank of Ethiopia (NBE) has issued a strong warning to the Ethiopian diaspora and the wider public regarding the use of unauthorized foreign currency transfer agents. In its latest announcement, the central bank emphasized that several entities claiming to facilitate foreign exchange transfers into Ethiopia are operating without legal recognition. According to the NBE, these agents are not licensed under Ethiopian financial regulations and therefore pose significant risks to senders and recipients. Subscribe to Addis Business Review Addis Business Review - አዲስ ቢዝነስ ሪቪው Official YouTube channel for Addis Business Review (ABR) We’re here to showcase Ethiopia’s newest businesses, innovative products, and unique services. Through honest reviews and engaging features, we connect audiences with the latest in the Ethiopian business world. Business owners and service providers join us to share your…

The National Bank of Ethiopia (NBE) has initiated processes to better regulate foreign exchange transactions and by that weaken the black market. According to a new directive, importers are obliged to request for foreign currency from the NBE based on the international prices of their imports. The central bank’s chief economist and its vice governor Yohanes Ayalew, confirmed that the directive had been circulated to commercial banks and was already being enforced. Ethiopia’s economy continues to get good reviews from international lenders like the World Bank and the International Monetary Fund (IMF). The IMF chief, Christine Lagarde recently visited Ethiopia and urged the government to work at alternative drivers of growth. In November 2017, custom authorities said they continued to record increasing incidence of forex smuggling especially via its main airport, Bole International Airport in the capital Addis Ababa. They said, they had intercepted an audacious a…

Forex

Addis Business Review – National Bank of Ethiopia Warns Against Illegal Forex Transfer Agents

Ethiopia moves to combat Forex trading on black market