Commercial Bank of Ethiopia handling up to US $6 million in Forex exchange daily

Commercial Bank of Ethiopia
borkena
July 24, 2018

Commercial Bank of Ethiopia says daily forex exchange has shown improvement in recent days. The rise in forex exchange, claim authorities in the bank, happened following Prime minister Abiy Ahmed’s call for Ethiopians to avoid exchange foreign currencies in the black market and rather take it to their nearest branch of Commercial Bank of Ethiopia.

Now the bank says that it is exchanging an average of between U.S. $4 to $6 million in a day across 1270 branches in the country.

This week Ethiopian Federal Police claimed that it seized U.S . $10 Million as it was about to leave the country illegally.

Ethiopia has been facing foreign currency shortages in the past few months. Last month, United Arab Emirates provided $1 billion to help relive foreign currency shortages.

Ethiopia’s new prime minister has called on Ethiopians in the diaspora to call off remittance boycott and he is also mobilizing Ethiopians to help support development efforts in the country by contributing a dollar a day. Diaspora Trust Fund account is already opened and announced and the response has been positive so far.



Join the conversation. Like borkena on Facebook and get Ethiopian News updates regularly. As well, you may get Ethiopia News by following us on twitter @zborkena

Leave a Reply

Your email address will not be published.