Ethiopia bans the import of Complete Built-Up (CBU) vehicles except for electric ones along with 36 other product items.

The Ministry of Finance announced its import prohibition decision on certain items claiming to spare foreign currency for resources used to locally produce value-added basic commodities, food items, medicines, capital goods, and other related major items. 

In a letter the Ministry wrote to the National Bank of Ethiopia (NBE), it attached the list of 38 items excluded from import using foreign currency requesting the bank implement the decision of the macroeconomic committee.  

Among the import blacklist items the Ministry of Finance included in the ban, are CBU vehicles excluding electric ones (automobiles, three-wheelers, and motorcycles), bicycles, artificial jewelry and human hair, alcoholic beverages, sweets, cigarettes, perfumes, beauty makeup, furniture, packed foods, and soaps, among others.

It is stated that the decision is aimed at successfully implementing the fiscal, monetary, and other administrative measures already taken by the government to alleviate the pressure the global economic crisis and inflation would create on the people.

Following the recent unexpected hike in the exchange rate of USD in the parallel market, consecutive measurements are being taken by financial sectors including NBE.

At the beginning of this week, NBE said that it planned to stabilize financial crimes through various measures such as rewarding informants of financial criminal activities. The bank also froze 391 accounts in connection to alleged illegal money transfers and the black market.

The black market exchange rate of  1 USD which almost surpassed 100 ETB a couple of weeks ago currently fell to about 78 ETB. 

The national bank also indicated recently that it will also put a check on the allowance of some items which were allowed to be imported under Franco-Valuta a few months ago. 

In related news, Finance Security Service reported that 13 betting businesses and 109 of their operators were found participating in the purchase of foreign currency in the black market by using a large amount of money they collect from the public, and their bank accounts are suspended. 

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