National Bank of Ethiopia (NBE) disclosed it has reserved over U.S. $ 600 Million loan for the purpose of preventing inflation on cereals and other consumable goods in the economy.

NBE’s Governor Teklewold Atnafu explained the money is allocated for the procurement of wheat, edible oil, sugar and other consumer goods.

Out of the total U.S. $ 600 Million, as per the Governor, U.S. $ 120 Million is reserved for the purchase of sugar that will be used to prevent the shortage.

Teklewold furthered preparations have been completed to release the loan now and make an import of the commodities.

The mega projects being carried out in the country have 45.5 Billion Birr and foreign currency readied as loan, he added.

He also raised the nation’s saving culture and praised it after stating the figure has jumped from 86 Billion Birr to 295 Billion Birr in the past five years. He indicated public saving, which was 9 percent five years ago has now reached 22 percent. In addition to this the number of banks’ branches reached 2,208 from 680 during the same period.

Source: Ethiopian News Agency