– Banks allocate 100 bln Birr loans
ADDIS ABABA – Ethiopian banks have launched a large-scale remittance campaign yesterday aimed at promoting the legal transfer of diaspora finances to assist national development, the central bank announced.
Under the guidance of the National Bank of Ethiopia (NBE), all Ethiopian banks have launched a remittance campaign dubbed “DEBO,” to encourage Ethiopians living abroad to legally send remittance home.The NBE disclosed that all banks have pledged to provide over 100 billion Birr loans as part of the remittance campaign which stays for the coming six months.
During the launching event, NBE Governor, Mamo Mihretu said that the remittance campaign will involve a major initiative that encourage Ethiopians abroad to remit funds via banks by offering attractive exchange rates, opening accounts in local or foreign currency, and taking advantage of various savings and lending products such as mortgage loans, vehicle loans, and SME loans linked to remittances.
This more encourages Ethiopian living abroad to send remittance to home legally and transparently, he said, adding that NBE has also launched a new platform called Unite.et, which will allow Ethiopians and foreigners of Ethiopian origin to open bank accounts in Ethiopia virtually.
The Governor stated that the central bank is working on monetary policy reforms and campaign, and launched platform that helps to boost foreign exchange rate and reduces the previous 86 various foreign exchange rates administration and this will shorten and make it in one platform system.
An increased remittance benefits Ethiopia in terms of investment attraction, encourage saving and alleviate poverty, Mamo said.
The Remittance Campaign, themed: “DEBO together, investing in tomorrow,” would facilitate smooth flow of remittance, which is vital to develop financial inclusion, transparent exchange rate, promote legal transfer and create conducive business environment for banks.
BY MISGANAW ASNAKE
THE ETHIOPIAN HERALD SATURDAY 7 SEPTEMBER 2024
