Ethiopia’s Ministry of Finance Ends Franco Valuta Import System for Commercial Goods

Date:

Share post:

The Ministry of Finance of the Federal Democratic Republic of Ethiopia has issued a directive announcing the end of the Franco valuta import system for specific commercial goods. This decision affects imports of goods like oil and other food products previously allowed under this system, which was introduced to mitigate potential inflation during the implementation of macroeconomic reforms.

According to the Ministry’s letter addressed to the National Bank of Ethiopia and the Customs Commission, the Franco valuta system had a positive impact on stabilizing prices by enabling manufacturers to import essential production resources during a transitional economic phase. The Ministry noted that this approach was designed to prevent inflationary pressures on key commodities.

The directive specifies that commercial transactions involving Franco valuta imports must be finalized within two working weeks of the letter’s issue date. Businesses are required to submit all necessary legal documentation to the Customs Commission to complete the customs formalities for these imports. After this period, all permissions for Franco valuta-based imports will be rescinded.

This marks a shift toward a more sustainable system for importing commercial goods, replacing the Franco valuta system, which was initially implemented as a temporary measure.

Addis Insight
Addis Insighthttps://addisinsight.net/
Addis Insight is Ethiopia’s fastest growing digital news platform, providing consumers with the latest news from Ethiopia and its diaspora. We provide marketers with innovative opportunities to leverage our stories and overall brand with a fiercely curious and highly engaged audience.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

Commercial Bank of Ethiopia Moves to Establish an Investment Bank

The Commercial Bank of Ethiopia (CBE) is in the process of establishing an investment bank, a move aligned...

Ethiopia Set to Begin Electricity Exports to Tanzania via Kenya

Ethiopia is preparing to commence electricity exports to Tanzania through Kenya, marking a significant step in cross-border energy...

Ethiopia Approves 581 Billion Birr Supplementary Budget for 2024/25

In a significant session, Ethiopia’s Council of Ministers convened for its 40th regular meeting, deliberating on a range...

Federal Government Employees to Work 48-Hour Weeks Under New Law

The Federal Government Employees Amendment Bill, a subject of intense debate, was approved yesterday by the House of...