Ethiopia Allows Local Banks To Borrow From Foreign Banks

Source: New Business Ethiopia

The National Bank of Ethiopia (NBE), financial sector regulatory body of the country, today passed a directive that allows local banks to borrow from foreign banks.

The decision of NBE followed the chronic foreign currency shortage the country has been facing for many years. “Recently we have been looking for options on how we can get additional hard currency… We are introducing this directive to help us get additional hard currency,” said Yinager Dessie (PhD), Governor of National Bank of Ethiopia.