The National Bank of Ethiopia (NBE) has released $175 million into the economy to forestall a foreign currency crisis linked to fuel-related payments falling due in the coming months, and which could erode the economic dividend arising from the International Monetary Fund (IMF)-backed financial sector reforms.
The banking regulator said in a statement on October 3 that the funds would help cover the foreign exchange needs of the Ethiopian Petroleum Supply Enterprise (EPSE), the primary importer of fuel and fuel products in Ethiopia.
