The National Bank of Ethiopia revealed that it was preparing to invite international financial institutions into the Ethiopian financial sector. The preparation includes amendment of regulations and change of supervision systems.

The Bank announced that new banking procedures would greatly contribute to the modernization of the payment system in the country. The Bank also stated that such new procedures would help in attracting investment, increasing the flow of hard currency, and providing sufficient credit for any business sector.

It is to be recalled that the Governor of the National Bank of Ethiopia Yinager Dessie (PhD) stated earlier this month that the banking sector showed improvements in the 2021/2022 fiscal year. The sector registered 26.7% growth during the same fiscal year.

Source: Fana BC

Additional source: Ethiopian News Agency