Central Bank Tunes Forex, Cash Rules


Central Bank Tunes Forex, Cash Rules

Regulators at the central bank have introduced new rules on foreign exchange transactions as forex reserves dwindle and the federal government struggles with a widening budget deficit and falling external loan disbursements. The directive bans the use of foreign currency in local transactions. Central bank Governor Yinager Dessie (PhD) has also lowered the period of time that returning residents can hold on to foreign currency by two thirds to 30 days. Travellers entering or departing the country are allowed to carry a maximum of 3,000 Br in cash, while the ceiling is 10,000 Br for those travelling to neighbouring Djibouti. The directive quadruples the amount of foreign currency that nationals can bring into the country without a customs declaration to 4,000 dollars, while foreigners are not required to disclose less than 10,000 dollars to customs officials. The threshold was previously 3,000 dollars.


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Dashen Bank Rolls Out Mobile Payment Solution

Dashen Bank has introduced a new digital payment service that allows customers to pay for fuel with ease using the Dashen Super mobile app. The service was officially launched on May 13 and is now available at every fuel stations. According to the bank, the Dashen Super app enables users to make payments in just three clicks, offering a fast and convenient alternative to traditional payment methods. Dashen Bank announced that it plans to expand the service across all fuel stations in the coun...


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Four Key Agreements Passed in Parliaments 29th Regular Session

In its 29th regular session of the fourth year, Ethiopia's 6th Parliament approved four key agreements: two loan deals, the establishment of a finance corporation, and an air transport agreement. Assistant Minister of State for Finance, Meseret Haile, introduced the proposed loan agreements and requested they be sent directly to a second reading for discussion and approval. Parliament accepted the request and proceeded with a detailed discussion on the draft proclamations. Members of Parli...


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New Pact Targets Rural Road Links, Food Security Goals

The Ministry of Urban Development and Infrastructure has signed an agreement with several federal institutions to launch a major project targeting rural connectivity and food security. At the signing ceremony, State Minister Yetmegeta Asrat represented the Ministry alongside officials from the Federal Ethics and Anti-Corruption Commission, the Federal Public Procurement and Property Authority, the Environmental Protection Authority, and Helvetas Ethiopia. A separate agreement was also signed...