NBE Governor Mamo Mehretu Announces $2.5 Billion Transfer from IMF and World Bank











The governor of the National Bank, Mamo Mehretu, said that so far, 2.5 billion dollars have been transferred to the National Bank from the International Monetary Fund (IMF) and the World Bank.

On the other hand, he stated that only 18 percent of imported consumer goods are imported using foreign currency.

He pointed out that the others were mostly entering the country through the informal or parallel market.

Thus, he said, “The change of the currency to the market should not cause an increase in commodity prices.”

He mentioned that the bank is prepared to respond legally if issues of illegality and negative pressure arise.

Additionally, he declared that a strict fiscal and monetary policy will be activated to control illegal practices in financial institutions.

“We have made adequate preparations based on technology,” he said.