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The central bank’s chief economist and its vice governor Yohanes Forex news source, confirmed that the directive had been circulated to commercial banks and was already being enforced. Christine Lagarde recently visited Ethiopia and urged the government to work at alternative drivers of growth.

In November 2017, custom authorities said they continued to record increasing incidence of forex smuggling especially via its main airport, Bole International Airport in the capital Addis Ababa. They said, they had intercepted an audacious attempt to take out 4 million US dollars via the airport in 2016. 3,000 or its equivalent in other foreign currencies without a permit. They are required to notify the authorities if they are carrying an amount that exceeds the threshold.

The measure is seen by economic players as helping to boost the growth of the country’s export sector which has experienced a sluggish outlook. It is also expected to reduce forex shortages and to ease debt burden. Foreign currency cash notes shall be exchanged into Birr only with banks and authorized forex bureaus. Reconversion of birr into foreign currency is allowed, if the reconversion request is supported by original receipts produced by banks and customs declaration for value exceeding USD3,000. Ethiopian and Residents of Ethiopia shall surrender, through an authorized forex bureaux, all foreign currencies in their possession against payment to them of the equivalent sum in Birr within 45 days from the date of acquisition.

Any resident of Ethiopia found in possession of foreign currency and that do not have evidences to justify holdings shall be punished under the penal code of Ethiopia and the money shall be confiscated. Rwanda becomes third country to ratify A. Did Daimler Cheat On Emissions Like VW? Two Chinese companies are now ranked for the first time among the world’s top ten most valuable brands, signifying China’s growing presence on the world stage. Japan Jobless Rate Steady At 2.

The unemployment rate in Japan came in at a seasonally adjusted 2. 5 percent in April, the Ministry of Communications and Internal Affairs said on Tuesday. That was in line with expectations and unchanged from the March reading. The United States will announce investment restrictions and enhanced export controls on Chinese persons and entities related to the acquisition of industrially significant technology on June 30. Asian stock markets are declining on Wednesday, extending a global sell off, as the political turmoil in Italy and its impact on the long-term health of the euro zone weighed on investor sentiment. Concerns About Italian Politics Lead To Plunge On Wall Street – U.

South Korean boy band BTS created music history by becoming the first K-pop artists to top the US album charts with its latest effort, Love Yourself: Tear. European stocks may open lower on Wednesday after U. For cryptocurrency holders, bitcoin cash is the must-own currency at the present moment, according to crypto investor Brian Kelly. Asian stocks closed broadly lower on Wednesday and safe-haven assets such as gold and the Japanese yen climbed after U. President Donald Trump said he was “not really” pleased with the U. European stocks fell sharply on Wednesday as oil prices dropped, geopolitical risks returned to the fore and uncertainty continued over the formation of an anti-establishment government in Italy.

Member of Congress have reportedly been told President Donald Trump’s administration has reached an agreement to put Chinese telecom giant ZTE Corp. New Jersey Senator Bob Menendez, D-N. 2012 with more than 58 percent of the vote, but the results of a Fairleigh Dickinson University Poll suggest he could face a much tougher race this fall. 7,040 Tuesday morning before showing signs of a quick recovery. This is the lowest price quoted for Bitcoin since April 12. One of the hallmarks of Alzheimer’s disease is the presence of neurofibrillary tangles inside neurons – i. The neurofibrillary tangles are composed of mutated Tau protein.