National Bank of EthiopiaborkenaMay 21, 2019New regulation introduced to regulate expatriate investors engaged in oil extraction in Ethiopia met with resistance from companies in the sector, reported the Ethiopian Reporter on Sunday. The new regulation requires those who are in the business of oil extraction to open a foreign currency bank account in Ethiopia. They could also pay for expatriate contractors from their foreign currency account in Ethiopia and pay in foreign currency. Meetings between Nationals Bank executives and Petroleum extraction companies did not bring about any solutions. The companies reportedly told The Ethiopian Reporter that head offices of companies did not accept the new regulation and they found it difficult to carry on with petroleum extraction project.

Source: Ethiopian News May 21, 2019 15:00 UTC