Foreign banks to operate in Ethiopia

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New foreign banks in Ethiopia!

 

#Ethiopia It was announced that the House of Representatives will examine and approve the banking bill that allows foreign banks to enter the country.

 

It is expected that the 6th House of People's Representatives will approve the National Bank of Ethiopia bill after discussing the 4th year term in its 11th regular meeting. 

 

In tomorrow's regular meeting, the Standing Committee on Planning Budget and Finance Affairs; He will submit a report and proposal to the council regarding the National Bank of Ethiopia and the Banking Bill. 

 

The bill was referred to the Standing Committee on Planning, Budget and Finance on June 18, 2016, and the Council; It is expected that the standing committee will examine the report and the proposal and approve the decree.

 

When the bill is approved, it will not only allow foreign banks to open their branch or subsidiary offices in the country, but it will also allow them to buy shares of local banks.

 

Apart from that, this bill will pave the way for foreign banks to open their branches, Ethiopians and citizens of foreign countries to get job opportunities in their banks and become members of the board chairman.

 

Following the approval of the decree, the government will allow five foreign banks to be licensed. 

 

Kenya's KCB and Standard Bank are among the foreign banks that have shown interest in operating in the Ethiopian market.

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