The state-owned Commercial Bank of Ethiopia (CBE) announced it has collected $2.4 billion in remittances from Ethiopians in the diaspora who sent money to their relatives in Ethiopia.
The hard currency is secured over the first nine months of Ethiopian calendar started July 8, 2020, according to CBE Hawala Services Manager Yohannes Liqu, who briefed reporters on Sunday.
Remittances to Ethiopia has been increasing over the last two decades.
It has jumped from $233 million in 2002/03 to $5.6 billion at the end of 2018/19. The trend in private transfers, including remittances.
To mitigate the effects of a disruption in remittance transfers, expanding and promoting digital money transfers by reducing fees, can help the smooth transfer of funds. Already, the National Bank of Ethiopia raised the mobile money transfer limits, making it easier to receive remittances, advices a recent analysis.
SOURCE: NEW BUSINESS ETHIOPIA