Now the price that banks are offering has also outspensed the black market, and the high foreign exchange shortage in the country is understandable from her earlier exploration that the Ethiopian National Bank, which pays banks in Ethiopia, particularly the private exchange rate, to customers demanding the exchange, is more than the price tag set by the Ethiopian National Bank for the daily sale.
We also understand that the commission, which is being requested from private banks for a dollar, is also 55 ETB to 60 ETB from the banks, as well as from merchants who have approved today to pay as much as the commission requested and import products. That’s a 110 ETB to 115 ETB price tag.
The Ethiopian National Bank has issued a 54 AND 82 cents ETB daily price of to sell one Dollar from banks. A bank customer who wants the exchange will also be required to pay a commission of 55 ETB to 60 ETB on the price set by the National Bank.
At this price, we have also learned that today’s currency is not as cheap as it is and that the transaction will be fulfilled by connecting individuals with foreign exchange reserves with banks and clients looking for the currency as a broker. We also understand that the banks and the individuals who are in charge of the exchange rate will also be involved. Experts have told us that the commission being paid for foreign exchange is also exaggerating from the price the National Bank is spending, indicating that the shortage of foreign exchange in Ethiopia has reached a worse level than ever before.
Today’s market share is similar to that of the black market. Importers are paying the same 105 ETB per dollar for imports (commonly called Hawala) for the goods they want in foreign exchange for goods they want in the country.Many are concerned that, as a result of this foreign exchange transaction, The Ethiopian economy could face a persistent price tag. The government’s order not to allow foreign sources for 38 types of products by banks to use foreign exchange has also failed to stabilize the price.
The fact that Ethiopia’s National Bank has carried out its previous supply of exchange to stabilize the foreign exchange market has also exacerbated the problem. Three years ago, the National Bank distributed $100m as their exchange discovery to stabilize today’s market only to private banks. However, there have been no exchange for private banks since then.
The state government has also not allowed the use of commercial banks. These conditions have caused problems. It also delayed the loans Ethiopia was due to receive from the World Bank, the International Monetary Fund, and other lenders because it was supposed to have failed to implement the economic reforms it was going through and the economic reforms it was going through.
The results of her negotiations with the Group of 20 member states to extend its loan repayment period and get more loans have also been delayed. The performance of the six-month spending business this budget year is about 1.7 billion, raising the deficit at the same time last year, threatens to make the shortfall worse.