The National Bank of Ethiopia (NBE) has issued new directives on foreign currency related issues to promote foreign direct investment and export, reports FBC. NBE Foreign Exchange Director, Yenehasab Tadesse revealed this during a dialogue organized by the Ethiopian Investment Commission on foreign currency and immigration related issues.
According to Yenehasab, the bank has issued a directive to all banks to allocate 40 percent of their foreign currency to priority sectors. The priority sectors can also obtain up to 60 percent external loan and sub-price credit that allow investors to get machinery and equipment from abroad.
The directive will further help foreign direct investors to get external loan from abroad and allow them to use the foreign currency they obtain from abroad to import raw materials and machinery, she elaborated.