The National Bank of Ethiopia Doubles Forex Retention Limit for Exporters
The National Bank of Ethiopia (NBE) has decided to double the percentage of foreign currency that Ethiopian exporters can retain from their export earnings.
As per the existing regulation, exporters were required to surrender 70 percent of their foreign currency earnings to the central bank at the prevailing exchange rate.
They were only allowed to retain 20 percent of the earnings. The remaining 10 percent had to be surrendered to commercial banks.
However, in a decision passed, the NBE has doubled the retention limit for exporters to 40 percent of their foreign exchange proceeds.
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Ethiopia Affirms Use of Lamu Port, Commits to LAPSSET
Ethiopia has expressed readiness to start using the Port of Lamu in a renewed interest on the Sh2.5 trillion Lamu Port-Southern Sudan-Ethiopia Transport (LAPSSET) corridor.
This comes as it dismisses claims that the country had intentionally focused more on Djibouti and other northern ports, which affected development of LAPSSET.
Ethiopia’s Minister for Transport and Logistics Alemu Sime who this week led a delegation to a five-day working trip in Kenya, said Ethiopia is ready to use the port.
The two countries have also agreed to jointly develop the LAPSSET corridor railway, collaborate on resource mobilisation for trans-boundary projects and investments.
Sime who visited Lamu, Mombasa, Kisumu ports and the Nairobi Inland Container Depot, was in the country for an appraisal of the port infrastructure and roads linking Kenya to Ethiopia.
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New Oil Storage Terminal Opened to Serve Horn of Africa
A new oil storage terminal has been opened at the port city of Berbera to serve the Horn of Africa region.
Dubbed Dahabshiil Oil Storage Terminal (DOST), it was officially inaugurated by Somaliland President Muse Bihi who termed it as a symbol of progress and prosperity in the country that is seeking international recognition.
The President noted that the occasion marked a giant step in the growth of Berbera as a port and the Horn of Africa as a hub for both local and foreign investment.
“This is a facility that benefits anyone who wants to unload oil and gas from the National Port of Berbera,” Bihi said.
The strategic location, connecting the Berbera corridor and the Hargeisa bypass, bolsters the region’s market opportunities, extending into neighboring Ethiopia.
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