Addis Fortune (Addis Ababa)

Ethiopia: Forex Buster

Embracing the slogan "Export for Development", the Commercial Bank of Ethiopia (CBE) honoured its 154 exporters and money transfer agents who have earned an annual foreign currency of between one million dollars and 300 hundred million dollars at an event held at Sheraton Addis, on Thursday, December 26, 2013.

Bekalu Zeleke, left, president of the CBE, is seen facilitating the handing over of the special eagle cup award to be given by Bereket Simon, middle, policy advisor to the Prime Minister & chairperson of the CBE's Board, to Addis Alemayehu, right, managing partner of 251 Communications, receiving the award on behalf of Western Union Money Transfer, which has managed to be the top foreign currency earning CBE customers of the year with 300 million dollars. Bereket's alluring look at Addis seems to reveal the eagerness of the government in accumulating as many foreign currencies as possible to respond to growing needs.

The eagle cup award was not, however, exclusive to Western Union; a similar cup was also given to MIDROCEthiopia, which has earned 100 million dollars - the highest figure from the exporters' category.

Despite the increase in the number of export items, a proportional increase in the amount of a foreign exchange is yet to be witnessed, it was pointed out during the event.

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