A new directive demands commercial banks to surrender 50 percent of foreign currencies secured from exporters and Non-Governmental Organisations (NGOs) to the National Bank of Ethiopia (NBE).
The banks are expected to surrender the forex in the first five days of every month at a prevailing exchange rate to the NBE, while they are obliged to submit forex flow report, signed by their presidents, every week.
The move is a part of the government's effort to ensure the forex market is stable, according to the central bank, but there is a fear it would impact their forex inflow, there there by the gain from it.
