The Governor of the National Bank of Ethiopia, Mamo Mihretu, has stated that the bank is working hard to finalize a regulatory framework that will allow foreign banks to operate in Ethiopia. This is part of an effort to deepen financial intermediation, regulate the financial sector, and accelerate digitization efforts. The Bank is also finalizing a three-year reform program that aims to address inflation and external stability issues. Additionally, Ethiopia is launching a comprehensive economic reform program to achieve macroeconomic stability, balance the economy, and support the productive sector. NBE is working on capacity building, training, strengthening cyber security, financial stability frameworks, and supervision and monitoring mechanisms.

Source: Ethiopian News August 03, 2023 03:32 UTC