Addis Ababa, Ethiopia – The National Bank of Ethiopia (NBE) has issued a strong warning against unauthorized money transmitters operating from the United Arab Emirates, particularly Dubai, for fueling the black market and destabilizing Ethiopia’s formal foreign exchange system.
In an official statement released this week, NBE Governor Ato Mamo Mehret said the central bank has identified a growing trend of illegal financial operations by overseas entities that are undermining Ethiopia’s economy by expanding parallel currency markets. These underground networks are said to be exacerbating the gap between official and black-market exchange rates, contributing to currency speculation, inflation, and the broader macroeconomic instability.
“Entities based abroad, particularly in Dubai, are deliberately working to distort our financial system by manipulating currency flows outside the formal banking channels,” said Governor Mamo. “We are taking this threat seriously and will continue to act decisively against those involved.”
The NBE emphasized that it is prepared to implement stringent measures—including the freezing or confiscation of illegally transmitted funds—to crack down on informal currency trading. The Bank also stated it would work in coordination with international financial regulators and partners to track and stop such activities at the source.
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