Along with the devaluation which is the first since 2010, interest rates on deposits were pushed up to 7% from the previous 5%.
The NBE in October announced a devaluation of the country’s currency, the birr by 15%. They are required to notify the authorities if they are carrying an amount that exceeds the threshold.
In the case of forex rules, passengers are only allowed to enter or leave the country with a maximum of $3,000 or its equivalent in other foreign currencies without a permit. They said, they had intercepted an audacious attempt to take out 4 million US dollars via the airport in 2016.Īccording to current directives of the central bank, National Bank of Ethiopia ( NBE), passengers are allowed to carry cash of up to 1,000 Ethiopian birr. 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.
The IMF chief, Christine Lagarde recently visited Ethiopia and urged the government to work at alternative drivers of growth. Ethiopia’s economy continues to get good reviews from international lenders like the World Bank and the International Monetary Fund ( IMF).
