The banking industry welcomes 2022 with a good news as the National Bank of Ethiopia lifted the transfer limit placed since early 2021.
The five-time a week transfer limit was meant to discourage the parallel exchange market, which was believed to be characterised by high number of bank transfers.
Commercial banks welcomed the decision, hoping it would discourage the cash-hoarding malpractice that have become normal lately.
Executives of banks have been pleading the central bank to lift the limit, asserting that it is discouraging businesses to regularly deposit their earnings.
Officials of the Central Bank told local media outlets the rule has met its goal and now is the right to lift it.