National Bank of Ethiopia NBE will give $670 million to the Ethiopian Petroleum Supply Enterprise, which buys and supplies the fuel the country needs from abroad. The Petroleum supply company will use this money for its payment obligations until sufficient foreign exchange capacity is built.
According to a report released by the International Monetary Fund at the end of last week, the Ethiopian Petroleum Supply Enterprise will receive foreign currency from the National Bank of Ethiopia. Reportedly, the Fuel Supplier will use this money to meet cost of oil products imported to Ethiopia in the months of July and August.
Ethiopian Fuel Supply company like other institutions have been faced with shortage of foreign currency. The new financing agreements signed between the Ethiopian government and international lending institutions will help Ethiopia receive hard cash. Last week, the National Bank confirmed that it had received $2.5 billion from the IMF and World Bank in the past one week.
While Ethiopia is set to receive around $20 billion in grants, concessional loans and investment in the next few years from the IMF and World Bank, Ethiopia currency birr is falling against dollar. Birr has fallen over 80% against US dollar in one week.
Birr Exchange Rates in Parallel Market Today
Name muluken zerihun w/kidan nationality ethiopia country address City ziway Batu oromya mobile number 251921478060 haven personal