The central bank’s chief economist and its vice market to market election in forex Yohanes Ayalew, confirmed that the directive had been circulated to commercial banks and was already being enforced. Christine Lagarde recently visited Ethiopia and urged the government to work at alternative drivers of growth.
In November 2017, custom authorities said they continued to record increasing incidence of forex smuggling especially via its main airport, Bole International Airport in the capital Addis Ababa. They said, they had intercepted an audacious attempt to take out 4 million US dollars via the airport in 2016. 3,000 or its equivalent in other foreign currencies without a permit. They are required to notify the authorities if they are carrying an amount that exceeds the threshold. The measure is seen by economic players as helping to boost the growth of the country’s export sector which has experienced a sluggish outlook.
It is also expected to reduce forex shortages and to ease debt burden. Foreign currency cash notes shall be exchanged into Birr only with banks and authorized forex bureaus. Reconversion of birr into foreign currency is allowed, if the reconversion request is supported by original receipts produced by banks and customs declaration for value exceeding USD3,000. Ethiopian and Residents of Ethiopia shall surrender, through an authorized forex bureaux, all foreign currencies in their possession against payment to them of the equivalent sum in Birr within 45 days from the date of acquisition. Any resident of Ethiopia found in possession of foreign currency and that do not have evidences to justify holdings shall be punished under the penal code of Ethiopia and the money shall be confiscated.
Crude Oil Bullish Weekly Reversal vs. Blue Chips Take the Lead, Enough to Push Stock Market Higher? Can Flowering Banana Plants Survive UK Winter Nov to March 2018? There seems to be some respite for Bitcoin traders. It might be tempting to take this breather as a sign of the tide turning.
We highlight the reasons why you probably shouldn’t. In the last couple of days, Bitcoin has gone up a bit. This has brought questions if the current move is only a correction within a decline or already an important sign of a shift in the market. 8,000, but low trading volumes point to the risk of a bull trap. Sunday, adding credence to last Tuesday’s bullish outside-day candle and signaling a short-term bearish-to-bullish trend change. Last week in my article, “A bottom in the crypto market, or more blood-letting? I suggested that a bottom could be imminent, or that we had bottomed.