Stakeholders urge Diaspora to channel forex to banks


ADDIS ABABA- Explaining that close to 70 percent of Ethiopia’s total remittance goes to the parallel market, different stakeholders made a call to the Diaspora community to send foreign currencies through formal channels thereby supporting the national economy.

Speaking to the local media, an economist TsegayeDeginet (PhD) said only 30 percent of Ethiopia’s remittance is channeled to banks and other legal entities and the situation significantly contributed to the country’s large and complex black market. Noting that most people tend to choose the black market over the legal ones because the former pays better than the latter, the expert stressed that the reason for parallel market existence is not as obvious as it seems.

Sharing the above rationale, Ethiopian Diaspora living in Italy, AlemWasesaid TPLF confidants have been hugely engaged in weakening Ethiopia’s economy and sabotaging the legal flow of hard currencies from Europe and other developed nations. “Associates of the criminal faction purchased hard currencies from Ethiopian Diasporas for overvalued prices and even they cover the transaction cost showcasing how far they travel to block Ethiopia from accessing forex.”

Alem further stated that TPLF agents have been traveling door to door in search of hard currencies with a view to channeling the money to their destructive purpose. “Similar to the #NoMore movement, the diaspora community also needs to say no to black market as well.”

Foreign Affairs State Minister Ambassador Redwan Hussein also urged the Ethiopians in the Diaspora to boost trade and investment activities in their home country through actively engaged in priority areas.

Lauding Ethiopian Diasporas and friends of Ethiopia’s spectacular commitment to defending Ethiopia’s interests in times of its needs, the state minister emphasized that this game-changing potential should now resort to the economic sector. “Transferring money via legally recognized institutions, marketing Ethiopian-made products, and investing in Ethiopia would decrease the country’s economic dependence and undue pressures.”

It is to be recalled that the Ethiopian Diaspora Agency (EDA) announced Diaspora Ethiopians sent over 1.6 billion USD in the past five months of the current Ethiopian fiscal year. The agency also plans to collect an additional four billion USD from remittance in the remaining months of this budget year.

The January 15/2022

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