The priority items include pharmaceuticals products, agricultural inputs, machinery, baby formula and educational materials, among others. According to industry insiders, this is expected to impact businesses that used to import items such as vehicles and clothes using the forex that they have deposited in the Diaspora account. The directive also forces Diaspora account holders to convert 30 percent of their deposit into birr at the prevailing buying exchange rate. “Considering importers are major customers using the Diaspora account, the prohibition may also reduce their appetite to use it,” he further noted. The minimum amount required for an initial deposit to open a forex account is USD100 and it is USD5000 for fixed time deposits.

Source: Ethiopian News March 13, 2021 06:22 UTC