Keep Up with Addis Insight
Add us to your Google Preferred Sources to see updates first.
Addis Ababa, September 30, 2024 — The National Bank of Ethiopia (NBE) has officially granted operating licenses to five independent, non-bank foreign exchange bureaus. This move is part of the NBE’s strategy to expand foreign exchange services and improve access to foreign currency transactions across the country.
The NBE recently issued a directive to promote the establishment of private, non-bank foreign exchange bureaus alongside those affiliated with traditional banks. This initiative is aimed at enhancing the country’s foreign exchange earnings and providing broader access to these services for businesses and individuals alike.
According to the NBE’s announcement, the following five private foreign exchange bureaus have met the required criteria and have been granted licenses to operate under Subsection 4.2 of the NBE Foreign Exchange Directive:
- Dugda Fidelity Investment PLC
- Ethio Independent Foreign Exchange Bureau
- Global Independent Foreign Exchange Bureau
- Robust Independent Foreign Exchange Bureau
- Yoga Forex Bureau
These newly licensed foreign exchange bureaus are now authorized to operate independently of banks, allowing for more flexibility and competition in the market. The NBE believes this will contribute to more efficient foreign currency transactions, fostering a more dynamic economic environment.
The National Bank highlighted that this decision aligns with broader efforts to develop the country’s foreign exchange capacity and modernize the financial sector. It also marks a significant step toward improving Ethiopia’s foreign exchange market infrastructure by encouraging innovation and competition among service providers.
The NBE has committed to continued monitoring and evaluation of these bureaus to ensure compliance with national foreign exchange guidelines and maintain the integrity of the country’s financial systems.
For more information or inquiries, the public can contact the National Bank of Ethiopia or visit its official website.
The situation in the old country is getting weirder and weirder. In one part of the country, there is a bloody conflict that disrupted the economy of the area and the area next to it has a booming economy. For example, in western part Oromia and in parts of Wellega, the economy has been in shambles for more than 4 years now. But in several areas nearby the economy is still functioning very well. The same scenarios exist in the Amhara region also. If you look at the regional level you can hear a pin drop and the economy is booming red hot in Somalia region while next door in Oromia things are not so rosy. What a strange country!!! The situation in the old country is getting weirder and weirder. In one part of the country, there is a bloody conflict that disrupted the economy of the area and the area next to it has a booming economy. For example, in western part Oromia and in parts of Wellega, the economy has been in shambles for more than 4 years now. But in several areas nearby the economy is still functioning very well. The same scenarios exist in the Amhara region also. If you look at the regional level you can hear a pin drop and the economy is booming red hot in Somalia region while next door in Oromia things are not so rosy. What a strange country!!!
Very good
The Ethiopian National Bank Doing for Benefits of some group rather than the Ethiopian Citizens.