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Ethiopia adjusts foreign exchange regulations.

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Ethiopia has made major adjustments to its foreign exchange regulations in a bid to cure an acute shortage of especially dollar bills.

Prime Minister Abiy Ahmed came back admitted that the shortage was a big headache to the country but that it was going to take years to solve.

Since then, Ethiopia has secured dollar injection promises from the United Arab Emirates and other financial players.



The latest rules transmitted by the PM’s chief of staff were reached after Abiy met the Macroeconomic Committee of which he is chairman of the measures include the following:

1 – The Committee raised the interest rate yield for “27% NBE bill” that requires private banks to purchase National Bank of Ethiopia (NBE) bonds from current 3% to 5%.

2 – They also removed the current diaspora account limit of USD 50,000. Diaspora account holders can now save unlimited amount in Forex.

3 – NBE’s purchase of 30% of the forex earnings of the private banks will be at mid rate instead of the current buying rate.

4 – Per their decision the list of business that are eligible to accept payments in foreign currency has also been expanded to include airport, telecom services, chartered private airlines, guest houses, specialized clinics & hospitals serving foreign clients.

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The most visible reforms have been on the political front with the release of political prisoners, revisiting repressive laws and putting Ethiopia on the path of credible polls in 2020.

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PM Abiy reiterates Ethiopia’s decision over latest clampdown.

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Ethiopian Prime Minister Abiy Ahmed has finally spoken on ongoing anti-corruption and rights abuse clampdown stating that there was not going to be any backing down let alone retreat.

A statement from the Abiy’s office issued in Amharic tasked citizens to rally behind the development as a means of ridding the country of lawlessness and criminal elements.

State-affiliated FBC reported that the statement titled, ‘Let’s Fight (the) Cancer,’ said the government was bent on bringing people behind injustices to book.



The statement said the underlying objective of recent arrests was to get rid of Ethiopia criminals. “… criminals do not care about ethnicity, country, or morality; they only care for themselves.

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“The key to justice is to create a system for innocent citizens to live in freedom and dignity while criminals are held accountable and punished in accordance with the law,” the statement read in part.

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Since early this week, authorities have announced the arrest of over sixty former military and intelligence officials arrested in connection with rights abuse in prisons and gross corruption in the military run business conglomerate, Metals and Engineering Corporation, MetEC.

A former head of MetEC, Kinfe Dagnew; and a former intelligence chiefs, Tekleberhan Woldearegay and Yared Zerihun have all been detained and put before courts in the capital, Addis Ababa.

Head of security at the state monopoly, Ethio Telecom, Gudeta Olana, has also been arrested as has head of the entity and brother of ex-MetEC boss, Essayas Dagnew.

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New Zealand denies refusing refugees with holiday visas entry.

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New Zealand’s Prime Minister, Jacinda Ardern, on Friday, rejected allegations that the country’s government was blocking refugees who wished to travel into the country from Nauru on visitor visas.

Nauru’s president, Baron Waqa, also claimed in an interview with Australian media that he had also personally brokered a deal for New Zealand to accept 80 refugees currently located on the island.



“It’s incorrect to say that there is some kind of agreement for 80 specific individuals to take residence or visit,’’ Ardern told media at the East Asia Summit in Singapore.

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“The request did not ask about whether refugees could visit New Zealand on holiday visas,’’ he added.

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The country assessed all applications for visitor visas on a case-by-case basis. This applies regardless of a person’s country of origin or nationality.

The country is under pressure to transfer the remaining 30 children from the island.

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