6/11/2023 0 Comments Viber out rates to ethiopia![]() The anonymous informants could get up to 15 percent of the seized cash value once the court ruled that the holding is illegal. With that, the National Bank is introducing financial incentives to those who inform designated law enforcement whenever there are excess holdings and foreign currency holdings. The amount of cash holdings for individuals (outside of the bank) is now 100,000 Ethiopian birr and it is 200,000 for businesses. In an effort to reverse what has now become a prevalent foreign currency black market ( something that is leading to the loss of considerable revenue to the government in addition to aggravating inflation), the National Bank of Ethiopia has introduced a series of regulatory measures. The accounts of the suspects are under investigation and the Ministry of Justice is involved in it, based on the report from the reporter. The development reportedly worsened price inflation in the country. In the Banks, it was selling for under 53 birr. 1 $US was fetching as high as 120 Ethiopian Birr. The rate of exchange was at some point, this past week, as high as two-fold from the rate of exchange in the banks. The pattern that is observed is the transfer of money between different account holders. Tends were observed whereby account holders withdraw money from the Bank as many as 80 times a week without any business transactions. Earlier this week, Ethiopia announced that it has closed the bank accounts of about 392 people who were allegedly engaged in black market currency trading and illegal money transfers from overseas.
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