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The licenses of importers who were going to take foreign currency from 12 banks with forged documents were suspended

* The National Bank said that it has prepared guidelines to stabilize the market

#Ethiopia The National Bank of Ethiopia has announced that twelve banks have suspended foreign exchange licenses for importers who submitted under-invoicing.

Following the decision of the Addis Ababa Chamber of Commerce and Industry Associations to base the value of foreign currency on the market price, regarding the benefit of the amendment to the country's economy, Friday, August 10, 2016. Conducted discussions with stakeholders.

The deputy director of the Directorate of Foreign Exchange Control and Management of the National Bank, Ato Ababahehu Durefa, who was present at the discussion, said that in the last two weeks, the prices offered by importers to twelve banks had been ordered to be canceled.

Ato Ababayehu said that before, "the market was not managed in the right way, so it was not controlled". With this, the importers announced that their offers to 12 banks were canceled because they were below the price.

It is known that the foreign exchange rules and regulations used by banks for various incoming goods have been left behind by the amendment. According to Ato Ababahehu, even though the regulations have been amended, it does not mean that it is possible to import them below the customs commission price.

He said that this illegal practice should be strictly controlled as it prevents the entry of foreign currency into the country.

"Previously, the importers who did this were doing it with the intention of getting foreign currency. But now they have to get out of this practice," he said, and to control this, he announced that they will check with the banks every day.

On the other hand, the reform of the foreign exchange management system to lift the ceiling of the interest rate paid by private companies or banks on foreign loans, will help bring a large amount of foreign currency into the country, said the deputy director.

The participants were asked to provide detailed information regarding the lack of transparency in terms of obtaining foreign loans, the capacity of the country to operate the foreign currency market, and the tender that was open to banks to obtain foreign currency.

Responding to the questions, Ato Ababayehu stated that he understands that the process of obtaining a foreign loan is difficult, but he stated that it is an amendment made in the hope that those who can meet the required criteria and can borrow will get the loan. He declared that the foreign currency that the country has is sufficient to move the economy, when it is decided to become a free market, the government is not required to keep the foreign currency as a reserve.

Therefore, there is nothing to create in the foreign currency market, at least, and it is mainly determined by supply and demand. For this work, guidelines have been prepared," he said. However, they refrained from giving detailed information about the tender that was open to banks to get foreign currency.

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