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Central Bank directive frustrates oil companies

A directive issued by the National Bank of Ethiopia (NBE) requesting foreign oil companies engaged in oil and gas exploration and development projects in Ethiopia to open a foreign currency bank account in Ethiopia has frustrated international oil companies. 

Federal police raid fronts for black-markets

The Addis Ababa Federal Police has raided the foreign exchange black market shutting down all suspected stores located around Gandhi Hospital and Ethiopia Hotel. The stores, believed to do the illegal business,have been shut since late last week and are now guarded by the police to prevent from evidence tampering.

Addressing diaspora trust fund issues

Many agree that the country’s current foreign currency crunch is in dire need of creative solutions as it has reached chronic level. In fact, it is critical now that the country is facing difficulty in importing lifesaving medication like insulin.

Export commodities face severe quality compromise

According to the assessment of public agencies, the exportable agricultural commodities are facing serious quality compromise as producers and exporters have been found failing to comply with the minimum standards set in destination markets. 

ERCA tightens border control

The Ethiopian Revenues and Customs Authority (ERCA) said it has tightened security control in all its custom stations in a bid to control the illegal flow of foreign currency out of the country.