Ethiopia- Economy

Ethiopia lifts Franco Valuta privileges

APA-Addis Ababa (Ethiopia)

Ethiopia’s Ministry of Finance on Monday announced the lifting of Franco Valuta privileges allowing Ethiopians living abroad to import basic food items without restrictions.

The move came almost a year after  the government first granted the Franco-Valuta privilegesallowing individuals to import basic commodities worth a minimum of $250,000 while assigning the National Bank of Ethiopia to check the source of their foreign currency.

 

In the letter written on Friday, the Ministry of Finance has informed the Ethiopian Customs Commissions that the privileges have been lifted for the import of the basic goods.

The move is aimed at narrowing the supply-demand deficit on basic food items as well as tackling the increasing inflation.

The Ministry said the decision was made after a request from the diaspora community to lift the restrictions and allow them to play their part in addressing the inflation.

Ethiopian nationals living abroad including the diaspora can now import basic commodities – wheat, sugar, instant baby milk and rice – without any restriction of both interms of value and volume.

The permit will stay in effect for the next six months.

Activities related to taxes will be carried out pursuant to the letter dated 22/3/2013 E.C by the Ministry of Finance No. 30/7/51 as concerned authorities will strictly monitor and control the implementation of the Franco-Valuta based import process, said the Ministry of Finance.


MG/abj/APA

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