The National Bank of Ethiopia has been engaged in efforts to stabilize the market and foreign currency exchange rate in the past seven months said Teklewold Atnafu, Governor of the bank.

The bank has initiated a range of activities to maintain an effective financial system to contribute to the national economic growth said Teklewold in the performance report he presented to the House of People’s Representatives.

The central bank has put into effect various monetary policies to lower inflation and stabilize the market in the previous months he said.

The Bank registered positive results during the past months in its plan to expand sustainable banks, insurance organizations and small scale financial institutions in the country he noted.

A total of 165 new bank branches have been opened across the country increasing the national number to 1135 while the amount if deposits in banks reached 165.1 billion birr in January reported Teklewold.

The National Bank is committed to further enhance efforts to control inflation in the coming months concluded the Governor.

Source: Ethiopian News Agency