Exporters saw a decrease in the amount of foreign exchange they are allowed to retain down to 20Pct—twice lower than the 50Pct applicable around September 2021. The central bank has also lifted the suspension of remittance transferring platforms that was imposed for three months. Regulators at the central bank claimed neither the 25-year-old bank nor the tech firms hold valid permits to offer remittance services through the app. “The central bank is also attempting to harmonize the platforms under a legal framework,” he told EBR. Ethiopia’s total foreign exchange demand exceeds USD 17 billion.

Source: Ethiopian News September 01, 2022 03:03 UTC