Police in Ethiopia often announce the seizure of local currency illegally being transferred. Picture credit: Humera PoliceAddis 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. 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. “These entities are causing damage to Ethiopia’s financial system by allowing money that should have entered Ethiopia legally to be used for various criminal activities including contraband,” state media referred FIS’s statement as saying.

Source: Ethiopian News September 26, 2022 22:42 UTC