Ethopia: Importers ‘unable’ to use approved foreign currency; CBE reports only 28% of hard currency allocation utilized post-reform

Addis Abeba – Since the introduction of new macroeconomic reforms in late July 2024, less than one-third of the $282 million in foreign currency allocated by the Commercial Bank of Ethiopia (CBE) to importers has been utilized.

In its recent statement, the CBE announced that a directive has been implemented since the introduction of new macroeconomic reforms, allowing commercial banks to competitively purchase hard currency from the market.

This new approach, according to CBE, enables banks to respond quickly to foreign…