Borkena
Toronto – Ethiopia’s National Governor, Eyob Tekaligne, on Tuesday made allegations that there are still businesses engaged in an illegal money transfer service between the U.S. and Ethiopia.
In a brief video message he shared, he disclosed that the National Bank had a meeting with businesses engaged in money transfer business and leaders of Ethiopian Bank Association.
System integration and incentives were the agenda items discussed with businesses that operate legally, as the government sees it.
Eyob said that the business needs to think in terms of long term operation rather than targeting a short term gain and exit the business.
On the other hand, the governor alleged that there are still those operating illegally – meaning running a money transfer business outside of the bank’s money transfer system.
For those, he said, “this is the last warning. the government will take decisive action in coordination with law enforcement agencies.”
He was specific that the measure is not just restricted to account suspension or freezing accounts. A few months ago, under Mamo Mihretu’s tenure as government, the bank disclosed that it may confiscate money.
“I want to give a last warning that the National Bank has made extensive preparations,” he added.
He has highlighted that there had been conversation with the security apparatus to coordinate action. “We are planning to take extensive and coordinated measures. And we are entering a phase or coordinated action,” he added.
He framed the problem of non-compliance to establish a money transfer system and channel as “financing terrorism and money laundering.”
He is vowing that the National Bank and the government of Ethiopia will go after it to the full extent of the law.
Ethiopia has been experiencing an extremely volatile forex market after Abiy Ahmed’s administration introduced a market based forex regime in July 2024. The US dollar-Ethiopian birr exchange rate at the time was only 1 to 57.
This week the official exchange rate at the bank was well over 146 Ethiopian birr. Reports indicate that the parallel market exchange rate spiked to over 176 indicating that one of the government’s stated objectives of narrowing the difference between the legal and parallel market exchange rate has failed.
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Okay bigots and connivers! There is a new sheriff in town and he is coming for you.