Ethiopia: Ministry Relieves Basic Foodstuff Importers From Foreign Currency Permits

Addis Abeba — Amidst soaring inflation and shortage of basic commodities in Ethiopia, the Ministry of Finance has issued a directive allowing importers of essential foodstuffs such as oil, wheat, sugar, baby milk and rice to use franco-Valuta privileges without waiting for foreign exchange permits and import their items directly through the Customs Commission.

In April last year, Ethiopia has already allowed individuals with US$250 000 to use franco-valuta to import food consumables such as cooking oil, wheat, rice, milk & flour by verifying the source of the foreign currency with the National Bank.

The Ministry's statement this morning said that Ethiopians in diaspora are calling on the government to expedite Franco Valuta's licenses by taking into account the current inflation and in order to allow more Ethiopians living abroad to play their part.

Accordingly, the Ministry said that to comply with a letter dated 20 December 2020 by the Ministry of Finance with regard to taxation implementation, the implementation of the directive allowing Franco-Valuta privileges will be closely monitored by the concerned parties."

Artmotion S.Africa

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