The Ethiopian Customs Commission has given importers who used the franco valuta system up to December 26 to finalize the import of their goods. This pertains only to importers who purchased the merchandise and registered their import documents to the Commission before November 7. The Ministry of Finance had previously offered a two-week window for merchandise imports made through the scheme to finalise customs procedures. It is to be recalled that the government banned merchandise imports under the Franco Valuta scheme to address foreign exchange imbalances and stabilize Birr. The move was aimed at curbing unregulated imports of non-essential goods. According to the Commission, the value of franco valuta imports reached 1.95 billion Br in the first quarter of the 2023/24 fiscal year.
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