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· Ethiopian Ministry of Finance said that faced by shortages and high prices, it has decided to import food items under Franco-Valuta agreement for six months.
· Items to be imported include cooking oil, wheat, sugar, milk, and rice
· The Franco-Valuta arrangement allows importers of goods on which no foreign currency is payable from banks but from their own pocket
· The move is aimed at controlling the prices and as also to maintain balance between demand and supply
Ethiopian Ministry of Finance said that faced by shortages and high prices, it has decided to import food items under Franco-Valuta agreement for six months. Items to be imported include cooking oil, wheat, sugar, milk, and rice.
The decision was taken by the macroeconomic committee of the finance ministry. The National Bank of Ethiopia has been mandated to check the origins of food items worth over $250,000.
The Franco-Valuta arrangement allows importers of goods on which no foreign currency is payable from banks but from their own pocket. The move is aimed at controlling the prices and also to maintain balance between demand and supply. Importation under the scheme is allowed for six months. The major items to be imported under the scheme are edible oil, sugar, rice, wheat and milk for children.
