Ethiopian Informer
ADDIS ABABA (EI) — The National Bank of Ethiopia (NBE) on Tuesday authorized commercial banks in the country to issue export permits for exports to China, ending the previous Commercial Bank of Ethiopia (CBE) monopoly to China-bound export permits.
The Ethiopian central bank, in a statement issued Tuesday, said with the aim of further streamlining the East African country’s foreign trade sector, enhancing competitiveness and creating a more accessible environment for exporters, it has officially lifted the previous restriction.
According to the NBE, based on the general economic and financial cooperation agreement between the Ethiopian and Chinese governments, all export permits for goods destined to China were previously directed to be processed exclusively through the country’s state-owned CBE.
It said, effective from May 26, all licensed commercial banks in the country are fully authorized to issue export permits, manage documentary credits, and handle all related banking transactions for goods destined for China.
“All banks are, therefore, requested to facilitate these export services for their clients in strict compliance with the existing standard foreign exchange and export regulations,” the statement read.
