KT News /05-09-2024/: – The National Bank of Ethiopia has officially inaugurated a six-month campaign aimed at bolstering Hawala foreign exchange operations and improving macroeconomic stability.
The launch was marked by a discussion forum that brought together various banks and stakeholders to focus on remittances. A key development announced at the forum is the introduction of the "unite.et" application, which facilitates the opening of foreign currency accounts and enables money transfers.
In conjunction with the campaign, an international remittance fair, named "Debo," was held, featuring participation from several banks to promote and raise awareness about the new initiative.
The application, accessible via [unite.et] (http://xn--unite-qow.et/), allows users to open foreign currency accounts in various forms, including portable, savings, and time-bound options, with no minimum deposit requirement. The service is available to Ethiopians both within the country and abroad, as well as foreign nationals residing in Ethiopia.
National Bank Governor Mamo Mehretu emphasized at the forum that remittances from Ethiopians abroad and those of Ethiopian descent contribute significantly to national development. He urged bank managers and staff to ensure the effective and responsible use of the new application.
Governor Mehretu also highlighted that the market-driven foreign exchange rate, part of broader macroeconomic reforms, has yielded promising short-term results. He further assured that technological controls and legal measures would be enforced to curb illegal practices that undermine the reform's objectives.
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