The Commercial Bank of Ethiopia (CBE) announced that Ethiopians living abroad have sent US$2.4B remittances to the homeland within the past eleven months of the current Ethiopian budget year through formal channel.
CBE Foreign Currency Mobilization Manager, Yohannes Liku, said that the remittances have been playing an indispensable role in the country’s development activities.
However, the ever mushrooming of black markets and the COVID-19 pandemic have affected the remittance revenue during the past two years, he stated.
He said, therefore, improving the legal banking system for the international money transfer market is crucial to generate more remittances.
“CBE has been expanding sources of foreign exchange as it is a key agenda on its strategic plan,” he said.
Accordingly, the bank has purchased latest technologies that facilitate the international money transfer easily, suitably, and free of risks.