Beset by the ever expanding informal channels of remittance, Ethiopia may continue to grapple with shortage of hard currency unless swift and collective measures are put in place, 'Scaling up Formal Remittance to Ethiopia' report discloses. A billion dollar transaction takes place via informal channels with 78 percent of the total remittance passing through informal networks in Ethiopia. Informal channels happen to be lophooles for global terrorism and corruption. Conducting awareness raising porgram and showing the risks involved in using informal channels are also part of the tasks of the embassies. NBE is making policy adjustments and formulation to encourage the use of formal channels of money transfer.

Source: Ethiopian News September 14, 2017 13:41 UTC