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Central Bank Announces Long Overdue Forex Retention Changes

Aug 11 , 2023

The National Bank of Ethiopia (NBE) altered the forex retention and distribution rules, where exporters will have to surrender 50pc to the central bank and 10pc to the commercial banks.

The changes announced today include adjusting the threshold borrowing rate of commercial banks from 16pc to 18pc while limiting direct federal government borrowing to one-third of the budget this year.

Governor Mamo Mihretu announced the reforms today at the central bank headquarters on Sudan Street, indicating the ambition to curtail inflation at 20pc in the next Ethiopian fiscal year.

Editors' Note: This article was updated from the original.

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