Central Bank Limits Groups' Cash Holding to 1.5m Br

Oct 3 , 2020

The National Bank of Ethiopia (NBE) has outlawed holding over 1.5 million Br worth of banknotes jointly, which will now lead to confiscation. It previously banned individuals from holding cash over the stated value. Issued on September 29, 2020, with the signature of Solomon Desta, vice governor of the central bank, it amended the directive that was issued in the middle of last month for the banknote redemption process. Initially, the regulatory bank issued a directive dubbed the Legal Tender Protection Directive in mid-August that banned individuals from holding over 1.5 million Br. The directive did not specify the penalties the offenders could face. “Any hoarding above this limit shall be strictly prohibited and subjected to penalty,” read the directive. However, the latest directive that was issued in mid-September stipulated that cash found with individuals in excess of the limit is subjected to confiscation.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...