Borkena
Toronto – Ethiopia’s National Bank on Wednesday day announced that it will be seizing cashes from businesses engaged in illicit forex practice.
Mamo Miretetu, governor of the bank, explained it as one of the measures the bank will take to ensure that forex exchange is occurring within the banking system.
He urged the business community, including those in the import/export sector, “to use the regular banking system and avoid parallel markets.”
Some businesses were apparently justifying actions with red tape with banks to make forex available for their business activity. Mamo Miretu says that the National Bank “has confirmed from the banks [private and state owned] that they will make forex available for businesses.”
He added that banks are expected “to make forex available to their clients starting next week.”
There have been reports that the gap between the legal exchange and parallel market is widening again. However, Mamo did not remark on it.
He rather made claims of better performances of the economy as has been the case over the past few months. He painted an image of decreasing inflation and growing economy – something notable economists, like Kebour Ghenna, have been questioning.
The National Bank Governor also shared an update of the forex auction conducted this week in his video message published on the National Bank of Ethiopia’s Social media age.
He stated that a total of 150 million was made available for auction and 28 banks in the country took part in the auction. The average rate of exchange to the U.S dollar was 138 Ethiopian birr he stated.
Clarifying why the bank is practicing auction, he said it is because the bank now has a growing foreign currency reserve. He said there is now a “three fold reserve” than before the market-based forex exchange was introduced. The reserve has been “growing more than it was expected,” he further claimed.
It was in July 2024 that the Ethiopian government introduced a macro-economic reform. At the time, the US dollar was exchanging only at a rate of 57 birr.
Another reason the government decided to continue the forex auction is because it says it helps “price stability.”
On the other hand, the governor also remarked about what he called a negative social media campaign about Ethiopia’s economic performance – apparently in the post macro-economic reform period. He contested that the IMF is not criticizing the reform measures and that the forex gain will decrease after the first year. Mamo tend to see Ethiopia in good economic shape – something that does not seem to resonate with the experiences of millions of Ethiopians.
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Go get’em tiger! Connivers like these money launderers are bigots of the worst kind and therefore among the worst enemies of that gem of the colored called Ethiopia. Tell them and show them that the sheriff is on the prowl after them.
Continued success.
I just read a report on another website this patriot genius money wiz has already ordered the confiscation of the funds of these thieves who have been laundering money into and out of that country for years. They are said to be proven picklocks operating inside and outside that nation where some of these filthy bigots and connivers are scavenging in Minnesota, LA, DC, Toronto, Europe and Down Under. A couple of them have been fleecing they own people in Tigray, Oromia and Amhara regions. Now and finally they have met their master in the field. There is a new sheriff in town with the same fervor those heroes at Adwa in 1896 had for the love of that gem of the colored. That same fervor has been boiling up his blood. So look out bigots and connivers!!! Fearless Governor H.E. Mamo Mihretu is coming for you! Go get’em tiger! Get’em!! Get’em!!!
Some of these so-called money transfer and currency exchange outfits are said to be not private. Before we had publishers of books and memories and now it is money laundering. The names they chose are so indicative. They are so experienced in mining our gullible nature that they have been able to take full advantage of our vulnerabilities. We have been taken advantage of since the late 1960’s. But today it is a different story for them. The new sheriff in town is turning the table on their uncomely faces. Patriot H.E. Mamo Mihretu is at their doorstep with his fists so wrapped up to knock them out with one deadly bolo punch. Right on Brother!!!