National Bank of Ethiopia (NBE) gave order to private banks in Ethiopia to pay the 15 million USD bill the Ethiopian Shipping Logistics Services Enterprise (ESLSE) to Djibouti’s company. The banks are, according to Fortune, given 3 days to sell the foreign currency to the Enterprise. ESLSE owes the money to the port of Djibouti and the central bank gave the order for every bank including the government owned Commercial Bank of Ethiopia (CBE). According to a directive by the NBE all banks must sell foreign currency to a sector whose importance is very high. The foreign exchange shortage problem has been one that haunts Ethiopia for so long.

Source: Ethiopian News September 13, 2017 05:15 UTC