Ethiopia to Allow Import of Food Items on Franco-Valuta Basis

ministry-of-financeEthiopian Ministry of Finance has announced that, due to inflation caused by the imbalance between demand and supply of food items, it now lets such items be imported on the basis of Franco-Valuta for six months. The items allowed to imported on Franco-Valuta basis (without being required to have forex payable) are cooking oil, wheat, sugar, milk, and rice.

The macroeconomic committee of the ministry made the decision while allowing the National Bank of Ethiopia to check the origins of food items worth over $250,000.

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Source: Ministry of Finance (Amharic statement - Twitter, Facebook)

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