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NBE freezes accounts of 392 individuals over trading foreign currencies in parallel market

Addis Ababa, October 7, 2022 (FBC) – The National Bank of Ethiopia (NBE) ordered banks to freeze the bank accounts of over 392 individuals accused of trading foreign currencies in the parallel market.

NBE has announced various decisions to stabilize the current high inflation rate and cost of living standard.

In his statement regarding the issue, the governor of NBE, Yinager Dessie, said that 391 people involved in illegal money transfer (unlawful hawala) have had their bank accounts frozen.

Accomplice bank officers and associate employees will be investigated and actions will be taken against them, he asserted.

He also pointed out that a reward payment regulation has been prepared for anyone who lays bare criminals.

The NBE governor said 15% of the seized money will be rewarded to those who lay bare the individuals carrying the amount of money more than banks orders, 15% to those who unmask illicit foreign money transfer, and 25,000 birr to those who expose illegal remittances.

Yinager also said that those who expose gold contraband will be rewarded with 15% of the gold price, and 20,000 to 200,000 birr to those who lay bare the printing of fake notes.

According to the statement from the Bank’s governor, those who import foreign goods via Franco-Valuta are required to submit a bank statement to NBE that confirms the amount of dollars they have abroad.

The statement added that this regulation has been introduced to prevent importers from importing foreign goods by buying foreign money from the local parallel market.

The Governor further added that certain types of goods bought abroad in dollars will be restricted from entering the country.

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