Borkena
Toronto – Ethiopia seems to be seeking the support of the U.S. government in combatting remittance through black market channels.
Governor of the National Bank of Ethiopia, Mamo Mihretu, on Tuesday held discussion with the U.S. Ambassador to Ethiopia, Evin Massinga.
The Bank disclosed that the discussion “focused on efforts being made to improve the investment climate in Ethiopia and also covered strengthening regulatory cooperation in the area of cross-border remittance flows, so as to ensure such flows are channeled via the formal and regulated financial system.”
However, neither the bank nor the U.S. embassy hinted as to what the outcome of the discussion.
The discussion, apparently initiated by Ethiopia, came barely a week after the National Bank of Ethiopia, announced warning against black market forex activity by businesses including those engaged in import and export centers.
Last week, the bank vowed that it will be taking measures including seizing cashes from businesses engaged in illicit forex practice.
Earlier this month the bank announced lists of duly authorized money transfer services from the U.S. to Ethiopia while disclosing four service providers as illegal. They were Shgey Money Transfer, Adulis Money Transfer, Ramada Pay (Kaah) and TAAL Money transfer are engaged in illegal activities.
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Black markets like forex trading should never go into Ethiopian markets. Bitcoin isn’t very clear at all. Ethiopia should focus more on gold reserves in the decline of the United States dollar currency since global pandemic