8 December 2018

Ethiopia Loses 14.3 Billion Br to Franco Valuta

Photo: Addis Standard
Ethiopian birr.

Ethiopia has lost 14.3 billion Br in franco valuta, a license issued to importers of goods on which no foreign exchange is payable in the past three years.

The system was given to people living in peripheral areas of the country where the infrastructure development is very low, according to State Minister of Revenues Zemede Tefera.

The Ministry found out that the scheme was misused for commercial purposes inside the country.

"We will implement strong controls on this system, from issuing the permits to tracking the merchandise," says Adanech Abebe, minister of Revenues.

The investigation on the scheme also pointed out that government official have been engaged in the fraud.

"Since government officials are also part of the problem, an extensive investigation must be done to get a lasting solution," she added.

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