Ethiopia: NBE Outlaws Pending Under-Invoiced Import Clearance

The central bank has prohibited banks from authorising imports with under-invoiced transactions and documentation filed before last December, when the directive that monitors under-invoiced imports was issued.

Following an appeal from the banks, the National Bank of Ethiopia (NBE) had allowed the banks to clear and give permits for imports made with under-invoiced transactions until the end of last July 2018. However, a circular recently issued by the NBE directs the banks to stop processing imports with under-invoiced transactions. The central bank has also invalidated the permits and purchase orders given by the banks, even of those in the process of importing.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.