July 14, 2024

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National Bank of Ethiopia NBE

National Bank of Ethiopia NBE warns about gold smuggling

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National Bank of Ethiopia, this week, warned about illegal gold trade. The bank could not achieve its target of monthly gold collection.

Faqadu Dgafe, Deputy Governor and Chief Economist of the National Bank of Ethiopia NBE, said yesterday that the bank could not collect 100 kg gold this month. He said that since the start of this year, NBE has not been able to collect more than 100 kg gold every month from traditional gold producers and small associations.

He did not share details of how much gold was collected by the the NBE this month. But his talk implied that the collected quantity is far below the target of 100 kg. But he assured that gold reserves were high.

Illegal gold production and smuggling seem to be a challenge for the Ethiopian economy. NBE urged enhanced support and monitoring of gold producers and dealers to modernize the production process.

Interestingly, last week, The Ethiopian Ministry of Mines announced the discovery of gold deposits exceeding 517 tons across several regions, including Benishangul-Gumuz, Gambella, Oromia, and Tigray. While gold extraction will begin in the coming years, exploration efforts are continuing.

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