Addis Ababa — The National Bank of Ethiopia (NBE) has granted licenses to five non-bank private currency exchange offices in line with its directive to expand foreign exchange services and boost the country's foreign exchange earnings. These new offices are expected to play a crucial role in developing the country's foreign exchange market by buying and selling foreign currencies and facilitating foreign exchange transactions for both import and export trade. Recognizing the opportunity presented by the macroeconomic reform, they entered the sector to expand foreign exchange services and access through private sector involvement. Private currency exchange offices are allowed to purchase up to USD 10,000 from customers without a customs declaration and larger amounts with a customs permit. The Governor of NBE, Mamo Mehretu, recently reported that the country's foreign currency reserves have increased by 80 percent following the implementation of macroeconomic reforms.

Source: Ethiopian News November 13, 2024 18:51 UTC