The National Bank of Ethiopia (NBE) has launched a new foreign exchange online platform called the Foreign Exchanges Monitoring and Orchestration Unified System (FEMoUS). The purpose of FEMoUS is to streamline the operations of foreign exchange. FEMoUS connects commercial banks, importers, exporters, and other stakeholders in foreign trade on a single platform.
The application process for import/export permits on FEMoUS is easy and straightforward. Moreover, it allows real-time tracking of foreign currency transactions.
The system automates essential tasks like permit management and compliance checks. It also facilitates data exchange with customs and revenue systems. This automation enhances efficiency and minimizes errors in reporting and compliance.
The National Bank of Ethiopia believes that this new foreign exchange system will modernize operations. It will help businesses and investors better navigate foreign exchange policies.
Businesses will find it easier to manage their foreign exchange permits online. This change will save time and reduce mistakes. Industry groups welcome this initiative as it is expected to stabilize Ethiopia’s foreign exchange reserves.
FEMoUS reflects Ethiopia’s commitment to digital reform. This launch follows the decision to float the Ethiopian birr in July 2024. The NBE aims to leverage technology for better economic management.
In addition to FEMoUS, the NBE has introduced a mobile remittance app. This app will help non-resident Ethiopians and persons of Ethiopian origin connect with local banks. Users can open foreign currency accounts, manage investments, and conduct banking activities from abroad.
FEMoUS marks a significant change in Ethiopia’s financial landscape. By digitizing foreign exchange operations, the NBE enhances efficiency and transparency. As Ethiopia embraces digital reforms, initiatives like FEMoUS will support economic growth and stability in a global market.
Other Stories
Ethiopia to Start Issuing E Passport from January 2025
US Dollar Selling Price Falls in Ethiopia after Action by NBE
Help a girl out
1000198808478
Wa you need it for?
Ok
1000646261442