The foreign currencies flowing to the Commercial Bank of Ethiopia and other banks will help alleviate the hard currency shortage the country has been facing recently.
ADDIS ABABA (CBE)–The Commercial Bank of Ethiopia (CBE) has been exchanging unparalleled amount of foreign currencies following the call of Prime Minster Dr. Abiy Ahmed on citizens to convert hard currencies at banks.
CBE‘s Business Development Vice President Yishak Mengesha said that the average foreign currencies converted into birr by citizens have shown an average of tenfold growth during the last seven days.
The Vice President stated that the currencies exchanged earlier amounted to an average of about 600,000 USD in a day. This figure has jumped to about 4-6 million USD daily in the past week.
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He noted that the foreign currencies flowing to the Commercial Bank of Ethiopia and other banks will help alleviate the hard currency shortage the country has been facing recently.
Ato Yishak said the Commercial Bank of Ethiopia is very much encouraged by the response of the public and welcomes all at its 1275 branches to serve them promptly and courteously.
Source: CBE
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