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Addis Ababa, March 26, 2017 – The Commercial Bank of Ethiopia (CBE) has announced the disbursement of $122.5 million in foreign exchange to its customers to support the country’s import trade. This move is part of the bank’s ongoing efforts to ensure the smooth functioning of Ethiopia’s foreign exchange market and to meet the increasing demand for foreign currency by businesses involved in import activities.
The bank revealed that it had reviewed a total of 711 foreign exchange requests submitted by its customers. Of these, 98 percent have been successfully addressed, with $122.5 million allocated to fulfill the approved requests. The remaining requests are under additional verification, and the bank has assured that those customers will be informed shortly once the verification process is complete.
CBE further emphasized its commitment to providing foreign exchange to meet the needs of its customers, particularly for import-related transactions, which are crucial for the stability of the Ethiopian economy. The bank noted that it is well-positioned to continue responding to customer requests in a timely manner.
This substantial disbursement follows a period of heightened demand for foreign currency in Ethiopia, driven by increased import needs and broader economic challenges. The allocation of $122.5 million reflects the bank’s ongoing efforts to address these challenges and ensure that businesses have access to the foreign exchange they require for their operations.
The Commercial Bank of Ethiopia plays a key role in managing the country’s foreign exchange reserves and facilitating trade-related transactions, making this allocation a critical step in supporting the national economy.
