National Bank of Ethiopia allows foreign investors, embassies, and international organizations to import fuel directly
via The Reporter Ethiopia5 min read
The National Bank of Ethiopia NBE has amended its Franco Valuta Directive, permitting diplomatic missions, foreign investors, and international organizations to import fuel for their own use without relying on the Ethiopian Petroleum Supply Enterprise EPSE. This change allows these entities to use their own foreign exchange for fuel imports, bypassing the need for letters of credit from banks. The volume and value of fuel imported under this scheme will be determined by the approval of the recommending government office. This marks a significant shift, as it is the first time in recent memory that non-governmental entities can independently import and utilize fuel. While the state-owned EPSE will continue to manage fuel imports and supply for most of the market, this new directive aims to facilitate the import of essential commodities without straining national foreign exchange reserves. The directive also extends to other goods and capital items imported by international organizations, NGOs, charities, manufacturers, and exporters.
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This summary was AI-generated from a story originally published by The Reporter Ethiopia.
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