Fortune News | Jan 19,2024
Sep 5 , 2024
Central Bank Governor Mamo Mihretu has launched a 100 billion Br loan program to increase remittances, a vital source of foreign exchange for the country. The Governor announced the initiative, which involves all the 31 commercial banks.
The announcement was made at an exhibition promoting remittances, held at the Sky Light Hotel on September 5. The event, attended by bank CEOs and Central Bank officials, unveiled the authorities’ desperate focus on tapping remittances as a source of foreign currency.
The strategy, dubbed the "Debo Campaign," demonstrating the federal government’s desire to strengthening the role of remittances in the country’s economy.
Governor Mamo blamed the "distorted market" for keeping remittance down, exhibiting a 100pc difference between the official and parallel markets. However, he sounded upbeat about the impact of the foreign exchange market reform, attributing the plummeted gap to four percent in the past one month to it.
"The black market has become valueless," he said.
The loan scheme targets individuals who send and receive money through the official banking channels, offering funds for housing and investment purposes.
To further incentivise remittance flows, the National Bank of Ethiopia (NBE) is designing additional measures to beef up foreign exchange inflows, including the introduction of a new online platform, unite.et, which allows Ethiopian residents and non-residents to open foreign currency accounts remotely, making the process more accessible.
Governor Mamo also revealed that the central bank is considering new regulations to permit remittance flows through foreign exchange bureaus, a step expected to be implemented within the next two weeks when the Central Bank begins licensing these bureaus.
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