Addis Abeba — The Ethiopian Finance Intelligence Service (FIS) has warned agencies and local actors it accused of involving in illegal money transfer activities to refrain from their activities. The warning came in the backdrop of a never before seen gap in foreign currency exchange rates between the official and the informal market attributed to shortage of foreign currency. FIS accused some money transfer agencies based abroad of keeping their deposits outside of Ethiopia and making payments in Ethiopian Birr "by colluding with their accomplices in Ethiopia and avoiding the foreign currency that should be legally brought into Ethiopia." But in reality FIS blamed them of retaining the forex in foreign banks and |exacerbating the cost of living" in Ethiopia. FIS further said that it's information indicates that these money transfer agencies were making payments in Birr assisted by more than 600 financial sources from their associates based in Ethiopia.

Source: Ethiopian News September 27, 2022 07:30 UTC