Foreign embassies running black market forex sales - Ethiopia PM

Prime Minister Abiy Ahmed has accused foreign embassies of engaging in black market operations in Ethiopia.

“There are some embassies that are robbing Ethiopia's resources and doing black market foreign currency business,” Abiy said on Thursday during his address to the House of People’s Representatives.

He claimed embassy involvement in unauthorized foreign exchange activities.

His remarks stressed concerns about economic strain attributed to the black market, where illegal currency exchanges have affected the availability of foreign currency in Ethiopia.

Monitor embassy activities

“So far, we have been patient. We don’t want to damage our healthy relationships with countries. However, we want relationships that respect the law of the land,” he said and vowed that the government will strictly monitor embassy activities and take action if they do not refrain from black market operations.

Ethiopia, in a major move, recently introduced a macroeconomic reform policy to address the country’s long-standing economic problems by implementing a competitive, market-based exchange rate determination.

Banks and registered forex bureaus have begun offering official forex transaction rates, while the black market operates on the sidelines, posing a significant threat to Ethopia’s forex stability.

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