National Bank of Ethiopia

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Report: Gap Between Ethiopian Currency’s Official and Parallel Market Exchange Rate Grows to New Record

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The Ethiopian birr currency’s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr’s official and parallel market exchange rates has widened to a record high. Resumption of Fighting Between Ethiopian … Read more

Ethiopian Central Bank Restricts Amount of Cash Travelers Can Hold, Sets Foreign Currency Conditions

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According to the National Bank of Ethiopia’s directive, which became effective on September 5, persons entering and departing the country in possession of local currency are now subject to new restrictions. Individuals may not hold local currency whose value exceeds $57.00 or 3,000 birr. The directive also sets conditions and circumstances under which Ethiopian residents … Read more

Report: Ethiopia-Based Crypto Service Providers Told to Register With the Country’s Cybersecurity Agency

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Cryptocurrency service providers operating in Ethiopia are now required to register with the country’s cybersecurity agency known as the Information Network Security Administration (INSA), a report has said. According to the agency, legal measures will be applied to crypto entities that fail to comply with its registration call. INSA Tasked With Developing Operating Procedures The … Read more

Ethiopian Central Bank Urges Residents to Stop Engaging in Crypto Transactions

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The National Bank of Ethiopia (NBE) has said it does not recognize cryptocurrencies as a legitimate method of payment and that residents must avoid using them. The bank insists the local birr currency is the only lawful means of settling transactions in Ethiopia. Illegal Transactions The Ethiopian central bank has warned citizens against engaging in … Read more