![]() ![]() ![]() In an effort to reverse what has now become a leading cause for the loss of considerable revenue to the government in addition to aggravating inflation, the National Bank of Ethiopia (NBE) has introduced a series of regulatory measures against this illegal market. It was found that a single foreign Hawala operator sends forex up to 80 times every week. ![]() The matter was further complicated by the discovery of bank officials’ involvement involved in feeding the black market, along with the other two main culprits: diasporas and illegal Hawala agents. According to Borkena, $1 was fetching as high as 120 Ethiopian birr, a two-fold jump from the 53- birr banks were selling it for. The black market for foreign exchange in Ethiopia has been exhibiting a rapidly increasing gap from the official bank exchange rate, passing through the 90-birr mark in early September before reaching the hundreds in October 2022. Ethiopia Cracks Down on Black Market Forex Exchange as $1 ![]()
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