Famous Ethiopian singer Teddy Afro

Teddy Afro was a guest of AFP who made a documentary about this famous singer.

It was suggested that domestic banks should prepare themselves for the inevitable international competition.

According to economic and financial experts who attended the discussion forum organized by the Addis Ababa Chamber of Commerce and Industry Associations at the Hilton Hotel in connection with the recent entry of foreign banks into Ethiopia, they stated that the importance of foreign banks entering our country is significant. Therefore, the positive and negative effects of the entry of the banks on local companies should be re-examined properly, he said.

He said that the measures taken by the government in connection with the issue should be analyzed in terms of the development of the country's financial industry as well as the economic importance of the country.

The economic and financial experts said that the entry of foreign banks into the country could be a challenge to the monetary policy if it is not properly considered, and explained that their impact on the macro economy should be examined.

Along with this, he said, the policy implementation should consider the rights of nearly 500,000 bank shareholders. New entrants stressed that the foreign banks should be strictly monitored and controlled on their resource collection, lending and foreign exchange operations.

Based on the experience of other countries' banks, he pointed out that the approach of the foreign banks should be step by step and domestic banks should also prepare themselves for the inevitable competition.