Formal Remittance Registers at $4.2b

Jul 23 , 2022

Remittance through formal channels last year registered at 4.2 billion dollars, according to the Ethiopian Diaspora Service. Mohammed Idris, deputy head of the Service, said the value is five percent over what his office had projected. It is slightly more than the 4.12 billion dollars in export revenues generated over the same period, and 16pc higher than remittance recorded the previous year. The United States, Saudi Arabia and Israel are the primary sources of remittances, accounting for two-thirds of the total received. A large volume of cross-border remittances is sent through eight money transfer operators, partnering with commercial banks, including Western Union, Money Gram, and WorldRemit. When the last fiscal year closed earlier this month, commercial banks were offering an exchange rate of 52 Br to a dollar. It is around 10 Br higher than the rate offered when the fiscal year began in July 2021.