A policy to open up the banking sector to foreign investment was approved by the Council of Ministers on Saturday. The Council approved to increase the competitiveness, effectiveness, and efficiency of the financial sector. It is expected that the decision will facilitate the supply of foreign currency and increase job opportunities.

In August this year, the National Bank of Ethiopia stated that it was preparing to invite international financial institutions into the Ethiopian financial sector. According to the National Bank, the preparations included amendment of regulations and change of supervision systems.

It is to be recalled that Prime Minister Abiy Ahmed told banks to prepare themselves with modern ways and information technologies.

Source: Fana BC

Additional source: Reuters