National Bank of Ethiopia chief, Mamo Mihretu, in a briefing defended the entry of foreign banks in the Ethiopian banking sector. “While foreign banks are allowed in, they are not allowed to control us,” he said.
The National Bank of Ethiopia Chief gave a briefing to the Standing Committee on Planning, Budget and Finance and held an official discussion with various stakeholders of banking sector. He responded to questions about the opportunities and threats brought by the entry of foreign banks into the country.
He said that the entry of foreign banks will provide benefits to the Ethiopian banking sector while maintaining financial soundness.
He responded to questions about merger of Ethiopian banks too. He said merger of the banks is not mandatory for banks. Rather it is a guideline for them.
Ethiopia is on the verge of a significant transformation in its banking sector as foreign banks are about to enter the Ethiopian market. Banks from Kenya, Morocco, and the United Arab Emirates (UAE) are preparing to enter the market. This move comes in the wake of a decision by the Ethiopian government to liberalize its economy and attract foreign investment.
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