Addis Ababa — September 9, 2018 (FMC) — Ethiopian authorities have intensified their fight against black-market currency trading, announcing the immediate freezing of bank accounts belonging to 123 individuals suspected of engaging in illegal foreign exchange activities.
Financial Security Service Action
The Financial Security Service (FSS) stated that it has suspended the financial operations of these suspects and launched legal proceedings to hold them accountable. According to the agency, while the majority of citizens and businesses are using foreign exchange services lawfully within the framework of the country’s macroeconomic reforms, ongoing surveillance has revealed a parallel network of operators exploiting the system for illicit profit.
Evidence of Black-Market Dealings
Preliminary investigations uncovered that certain individuals and groups have been running black-market forex schemes, undermining Ethiopia’s efforts to stabilize its currency. Surveillance data further suggests that some banking professionals may also be complicit, raising serious concerns about internal controls within financial institutions. Authorities indicated that these allegations are under active investigation.
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