Yewef Gojo Episode 137 - Kana TV Drama

Yewef Gojo, every Monday to Friday @7:00PM on Kana TV.

The International Monetary Fund (IMF) has not criticized Ethiopia’s foreign exchange reform, and the information circulating on social media is false, the National Bank of Ethiopia said.

The International Monetary Fund (IMF) has stated in a report that it is concerned that the macroeconomic reform may be set back by the unresolved security problems, the widening gap between the black market and the regular exchange rate, the lack of foreign direct investment as expected, the reduction in aid and support, and others.

However, in a statement today, the bank’s governor said that the IMF’s assessment of Ethiopia’s reform is very optimistic, and that it is based on concerns that the organization is facing in Ethiopia, as it does in all countries.

National Bank Governor Ato Mamo Mehret said that the IMF has never criticized Ethiopia’s foreign exchange reform.

The governor made this statement during a briefing on the current foreign exchange market activity this afternoon.

The rapid growth of our economy, the decline in inflation, and the increase in foreign exchange inflows are indicators that we are on the right path of development, said Ato Mamo.

The International Monetary Fund (IMF) is criticizing Ethiopia’s overall reforms, including the foreign exchange reform, and the information that has been presented that foreign exchange earnings will decrease since the first year of the reform is also false. 

All these rumors are baseless, Ato Mamo said, adding that the IMF’s view of Ethiopia’s reforms is very optimistic and that the results achieved in all areas are beyond expectations.

The World Bank did not raise the issue of the foreign exchange rate of the banks; rather, it said that the foreign exchange rate of the banks is at the appropriate level in terms of economic principles; that the foreign exchange rate of the banks is also 4.5 percent below the value of the currency; or that the currency should strengthen instead of depreciating, as the bank indicated in its technical assessment. 

Ato Mamo, who said that 28 banks participated in the $150 million foreign exchange auction held by the bank yesterday, said that all banks received the foreign exchange they needed, with one dollar sold at an average of 138 birr.

Ato Mamo said that the foreign exchange offered by banks to the business community has doubled in the past year, and that all banks will provide $500 million every month.

Ato Mamo said that all banks are in the process of informing their customers that they will provide sufficient foreign exchange to their customers starting today and in the coming days. He added that the business community should understand this and take advantage of the opportunity.

There are foreign exchange bureaus that can meet the needs of travelers seeking small amounts of foreign exchange; Commercial Bank of Ethiopia has also confirmed that it will provide sufficient funds for this purpose, he said.

Ato Mamo Mehret, who said that we strongly recommend that the business community follow the regular foreign exchange banking system, said that we know that most of the business community follows this path, but some use the illegal one instead of the regular one. 

The business community raises questions about the access to foreign exchange on the banks, and the governor said that those who go to the black market say that they do not get enough foreign exchange from the banks. 

However, these questions have now been mostly answered, as indicated in the bank governor's statement. 

He explained that all banks have promised to work to shorten this process in response to the complaint that it takes a long time to get foreign exchange from banks. 

He said that members of the business community who do not use the banking system should immediately use the banking system, he said in his statement. 

Ato Mamo Mehrethu, who said that the National Bank has developed a technological system to monitor the movement of money entering and leaving the country, said that if entities operating illegally do not refrain from their actions, action will be taken, up to and including confiscation of their funds.