The Ministry of Finance has ordered the National Bank of Ethiopia (NBE) to stop approval of foreign currency for 38 selected import items for indefinite period of time. A circular addressed to NBE today stated Letter of Credit (LC) should not opened for the items.
Automobiles, motorcycles, and three-wheelers are among the items prohibited from importation.Electric vehicles are exempted.
Among the other prohibited items are processed foods, beverages, artificial jewelry and flowers, bottled water, fruits, carpets, hand and wall watches, human and artificial hair, perfumes, fireworks, bags, umbrellas, sea foods, cigarettes, and others.
The prohibitions are in place to direct available foreign currency to the most critical items, such as medicine and basic commodities, according to the ministry.
