EthiopiaForex is collected by the diaspora and unofficial Hawala providers overseas, who then deliver money to unauthorized agents in Ethiopia. The governor claims that a single foreign Hawala operator delivers foreign currency up to 80 times every week.
The currency rate on the parallel market decreased from 100 birr to 75 birr on average a week after the central bank launched a significant crackdown on black market operations.
As a result, the difference between official and market exchange rates decreased from 47% to 29%.
On October 7, 2022, Yinager Dessie (PhD), the governor of the National Bank of Ethiopia (NBE), announced that the organization had begun a new round of enforcement, frozen the bank accounts of 391 illegal Hawala transfer providers, and was getting ready to file legal complaints with the Ministry of Justice.
The Financial Intelligence Center (FIC) declared on Monday, two days later, that there were now 665 suspended bank accounts.Forex is collected by the diaspora and unofficial Hawala providers overseas, who then deliver money to unauthorized agents in Ethiopia. The governor claims that a single foreign Hawala operator delivers foreign currency up to 80 times every week.Bank managers and officers are also participating in the black market system, according to Yinager. "Illegal hawala operators, agents, and black market operators are among them.
Forex is sent to Ethiopia through unofficial routes on a regular basis from all over the world thanks in large part to the unlawful hawala service providers. While the equivalent is normally paid in birr in Ethiopia, foreign exchange is typically used for imports and other purposes.According to an evaluation conducted by The Reporter on Thursday and Friday, black market traders in important Addis Abeba trading districts disappeared in the days that followed, and the rate continued to decline everyday. Typically, these intermediaries link black market FX buyers and sellers.