Alternative Africa

Top Menu

  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

Main Menu

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

logo

Alternative Africa

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
  • Former French president, Sarkozy sentenced to three years in jail for corruption

  • Ghana to distribute covid vaccines by drone, UPS

  • Ghana president, Akufo-Addo, wife, VP Bawumia take covid vaccine on TV ahead of national rollout

  • Ghana to administer Coronavirus vaccines free in all hospitals as VP takes first shot

  • France authorises first synthetic antibody treatment for severe Covid-19

Breaking NewsBusinessNews Now
Home›Breaking News›Ethiopia moves to ‘arrest’ smuggling of foreign currencies

Ethiopia moves to ‘arrest’ smuggling of foreign currencies

By alternativeafrica
November 1, 2017
680
0
Share:

London, Nov. 1, 2017 (AltAfrika)-Authorities in Ethiopia are worried over increasing incidence of foreign currency smuggling through its main airport, the Bole International Airport in Addis Ababa.

Consequently, Ethiopian Revenues and Customs Authority (ERCA) said it was putting in place measures to curtail the worrying trend. They added that the efforts at clamping down on currency smuggling had also yielded results in the area of minerals smuggling.

A recent example cited by ERCA was when a Chinese national attempted to smuggle over $350,000 out of the country to Saudi Arabia via the airport. They also related how an Ethiopian – born U.S. national was detained for trying to fly out with $28,600.

Mulugeta Beyene, an ERCA toip official confirmed to the state-affiliated Fana Broadcasting Corporate that over the last two weeks, several amounts of foreign and local currencies were seized at the airport.

The authority intercepted an audacious attempt to take out 4 million US dollars via the airport in 2016.

According to current directives of the central bank, National Bank of Ethiopia (NBE), passengers are allowed to carry cash of up to 1,000 Ethiopian birr.

In the case of forex rules, passengers are only allowed to enter or leave the country with a maximum of $3,000 or its equivalent in other foreign currencies without a permit. They are required to notify the authorities if they are carrying an amount that exceeds the threshold.

The NBE in October announced a devaluation of the country’s currency, the birr by 15%. Along with the devaluation which is the first since 2010, interest rates on deposits were pushed up to 7% from the previous 5%.

The measure is seen by economic players as helping to boost the growth of the country’s export sector which has experienced a sluggish outlook. It is also expected to reduce forex shortages and to ease debt burden.

SHARE ON:
Previous Article

Nigeria Senate Seeks Adequate Financial Provision for ...

Next Article

Kenya Chief Justice confirms security upgrade for ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

alternativeafrica

Related articles More from author

  • News Now

    2018 World Cup: Patrick Malo recalled to Burkina Faso squad

    October 2, 2017
    By alternativeafrica
  • AfricaNews Now

    Libya’s migrants, refugees with tuberculosis ‘left to die’ in detention centres

    June 9, 2019
    By alternativeafrica
  • BusinessNews Now

    Zimbabwe ‘on track to regain its bread basket status’-President Mnangagwa

    May 18, 2018
    By alternativeafrica
  • News Now

    U.S. air strike in southern Somalia kills two al Shabaab militants: statement

    August 22, 2018
    By VJ Africa
  • BusinessEnvironmentNews Now

    Libyan oil needs reforms to resume production – UN Envoy

    July 18, 2018
    By VJ Africa
  • AfricaHealthNews Now

    South Africa records over 10, 000 covid-19 cases in just 3 days as total tops 70,000

    June 15, 2020
    By alternativeafrica

Leave a reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You might be interested

  • News NowPolitics

    Nigeria: Ekiti governor, Kayode Fayemi inaugurates chieftancy, advisory council on prerogative mercy

  • AfricaHealthNews NowWorld

    WHO forms partnership to ensure equitable COVID-19 vaccine access to Africa, others

  • FeatureHealthNews NowWorld

    New research in 33 Italian hospitals shows hydroxychloroquine reduces risk of death in covid-19 patients by 30 percent

Timeline

  • March 1, 2021

    Former French president, Sarkozy sentenced to three years in jail for corruption

  • March 1, 2021

    Ghana to distribute covid vaccines by drone, UPS

  • March 1, 2021

    Ghana president, Akufo-Addo, wife, VP Bawumia take covid vaccine on TV ahead of national rollout

  • March 1, 2021

    Ghana to administer Coronavirus vaccines free in all hospitals as VP takes first shot

  • March 1, 2021

    France authorises first synthetic antibody treatment for severe Covid-19

  • Popular

  • Comments

  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Morocco begins regional integration by connecting Casablanca Airport with High Speed Train

    By alternativeafrica
    January 4, 2020
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Nigeria: 32,000 capacity Lagos rice mill to start production in 2020

    By alternativeafrica
    December 23, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack followed a ...
AlternativeAfrica.com is an independent Pan African News Website dedicated primarily to influencing the negative narratives about Africa. We hope to do this by focusing and showcasing the many developmental strides sweeping across the continent.

Read more >>>

Contact Info

  • info@alternativeafrica.com
  • Recent

  • Popular

  • Comments

  • Former French president, Sarkozy sentenced to three years in jail for corruption

    By alternativeafrica
    March 1, 2021
  • Ghana to distribute covid vaccines by drone, UPS

    By alternativeafrica
    March 1, 2021
  • Ghana president, Akufo-Addo, wife, VP Bawumia take covid vaccine on TV ahead of national rollout

    By alternativeafrica
    March 1, 2021
  • Ghana to administer Coronavirus vaccines free in all hospitals as VP takes first shot

    By alternativeafrica
    March 1, 2021
  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Macron in Ivory Coast to launch anti-terrorism academy

    By alternativeafrica
    December 21, 2019
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...

Photostream

    Follow us

    • Home
    • About Us
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © Copyright Alternative Africa 2019. All rights reserved.