Ministry permits import of basic food items on Franco-Valuta basis

Addis Ababa, April 9, 2022 (FBC) – The Ministry of Finance has announced a decision that allows importers of basic food items such as oil, wheat, sugar, baby milk and rice to directly import the foodstuffs through the Customs Commission without waiting for foreign exchange permits.

In a statement, the Ministry said that the decision came at a time when Ethiopians in diaspora with foreign residency permits are calling on the government to expedite Franco Valuta’s licenses so that they can contribute their part in addressing current inflation.

The Ministry announced importers are allowed to use Franco-Valuta privileges while bringing in the basic foodstuffs listed in the statement.

Regarding taxes, activities will be carried out pursuant to the letter dated 22/3/2013 E.C by the Ministry of Finance No. 30/7/51 as concerned authorities will strictly monitor and control the implementation of the Franco-Valuta based import process, according to the Ministry.

It is to be recalled that last year in April Ethiopia had already allowed individuals with US$250,000 to use Franco-Valuta to import basic food items such as edible oil, wheat, rice, milk and flour by verifying the source of the foreign currency with the National Bank.