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Commercial Bank of Ethiopia suspends more than 400 employees

#Ethiopia | It is indicated that the board of the bank is scheduled to make the final decision.

The suspended workers’ November salaries are said to have been suspended.

Commercial Bank of Ethiopia suspends 422 employees of 66 branches

Workers have not been told how long the ban will last, and it has been in effect since last week. The suspension of such a large number of employees is not uncommon in the bank or the sector, and the November payroll has also been suspended.

The workers were arrested on suspicion of paying customers for a Letter of Credit that the bank did not allow.

Officials at the bank, who spoke on condition of anonymity because they were not authorized to speak on condition of anonymity, said some of the staff members who opened Diaspora accounts suspected that they would have to pay shipping service fees by deducting foreign currency from their customers.

National Bank of Ethiopia June 17, 2002 Citing the directive, the Commercial Bank of Ethiopia (CBE) at the same time ordered its staff to pay foreign exchange for any goods imported on Ethiopian merchant ships.

Employees were also instructed to collect the foreign currency proportions from customers, deposit them in an account opened in the name of the Ethiopian Merchant Shipping Company, and transfer them to the bank of the country of interest.

However, those who are able to pay freight charges through the Commercial Bank of Ethiopia.

However, it is indicated that those who can make freight payments through the Commercial Bank of Ethiopia are licensed by the Bank to import goods through the Foreign Exchange Permit.

Commercial Bank Corporate Communication Director, Absra Kebede, told The Reporter that the details of the incident are yet to be determined.

On the other hand, a senior official of the bank, who spoke on condition of anonymity, told The Reporter that although the matter is being investigated, staff’s lack of knowledge about the directive may be the reason for the gap.

However, he said that if the error is confirmed by auditors, there is a possibility that administrative action could be taken. However, sources told The Reporter that the board of the Commercial Bank of Ethiopia, headed by former governor of the National Bank of Ethiopia, Teklewold Atanafu, will make a decision this week.

Workers interviewed by The Reporter, meanwhile, said the ban was “disappointing”.

A taxpayer at a branch in Bole sub-city told The Reporter that the reason for the ban was not clear. “We are worried that we will be fired and replaced by employees from other branches within days of our suspension,” he said.

The Commercial Bank of Ethiopia, with more than 60,000 permanent and temporary employees, made a profit of 6.8 billion birr in the first three months of the current budget year and earned over 30.5 billion birr. Compared to the same period of the previous fiscal year, the profit grew by 122 percent and the revenue increased by 92 percent.

Written by Editor


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