Cash-strapped banks in Ethiopia have reportedly reduced daily cash withdrawal limits due to constrained liquidity, according to businesses and customers who say they are struggling to access sufficient cash. Merchants and wholesalers say they are struggling to obtain enough cash from banks to pay suppliers and employees, now that most private banks have slashed daily withdrawals to a paltry 5,000 birr – just a tenth of the official limit. - Advertisement -A wholesaler in Mercato said: “I needed 750,000 birr for new supplies but multiple banks couldn’t give even 25,000 birr daily. Coffee exporter Tamru Tadesse lamented that “the cash shortage has been around for a while. “There are huge cash demands for loans and spending, with requests for daily withdrawals from half a million to 1.5 million birr.

Source: Ethiopian News August 05, 2023 20:17 UTC