The National Bank of Ethiopia has called for an investigation into four US-based financial firms saying they are trying to undermine Ethiopia’s financial system.
The companies accused of undermining the credibility of Ethiopia’s financial system, are said to operate in Maryland, Virginia, and Minnesota.
According to the statement, “these money transfer companies collect money from Ethiopian communities in the United States, then send it to Ethiopia and other countries.”
“These companies launder illicit funds and finance illegal activities.”said the bank.
The US dollar is the largest foreign currency inflow into Ethiopia.
The government has been trying to fix the exchange rate system since last year to reduce the flow of foreign currency into the black market.
The International Monetary Fund (IMF) said that this decision will increase Ethiopia’s foreign exchange reserves, but black market prices will also increase the system.
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