July 19, 2024

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NBE Ethiopia

Government Bans New Loans from NBE

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The Ethiopian government, which has taken hundreds of billions of birr loans from the National Bank NBE in the past years, has submitted a new bill to the House of Representatives to prohibit the government from borrowing at will.

As stated in the draft decree, unless the government faces a serious problem, the practice of borrowing without limits from the National Bank will be prohibited by law from now on.

“The National Bank cannot give loans directly or indirectly to the federal, regional, any lower government administration, city administration or government institution unless it is clearly allowed by the decree,” the new law states.

The federal government has been taking direct loans from the national bank, which is known as direct advance, and encouraging the printing of money which is one of the main reasons for the increase in inflation in the country.

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