(3 Minutes Read)
Prime Minister Abiy Ahmed has accused foreign embassies of engaging in black market operations in Ethiopia and he said the government will strictly monitor embassy activities and take action against offenders.
Prime Minister Abiy Ahmed has accused foreign embassies of engaging in black market operations in Ethiopia and he said the government will strictly monitor embassy activities and take action against offenders. There are some embassies that are robbing Ethiopia’s resources and doing black market foreign currency business, said the president on Thursday during his address to the House of People’s Representatives.
The president claimed embassy involvement in unauthorized foreign exchange activities. His remarks stressed concerns about economic strain attributed to the black market, where illegal currency exchanges have affected the availability of foreign currency in Ethiopia. Ethiopia doesn’t want to damage its healthy relationships with countries, but relationships that respect the law of the land. The president vowed that the government would strictly monitor embassy activities and take action if they do not refrain from black market operations.
Read Also:
https://trendsnafrica.com/ethiopia-infuses-dollars-to-stem-foreign-currency-crisis/
Ethiopia, in a major move, recently introduced a macroeconomic reform policy to address the country’s long-standing economic problems by implementing a competitive, market-based exchange rate determination. Banks and registered forex bureaus have begun offering official forex transaction rates, while the black market operates on the sidelines, posing a significant threat to Ethiopia’s forex stability.
