Abyssinia Business Network
The Ministry of Finance has decided to import essential foodstuffs such as oil, wheat, sugar, baby milk and rice directly through the FDRE Customs Commission under the Franco Valuta foreign exchange permit exemption. In a move taken to curb high inflation rates due to unbalanced supply and demand Levels, the finance ministry of Ethiopia has lifted the mandatory law. Importers’ source of foreign currency will be closely monitored by the National Bank of Ethiopia.
The Ethiopian Diaspora community has been calling for Franco Valuta’s license to be expedited by the government of Ethiopia in order to stabilize the current inflation and allow more Ethiopian diaspora to play their part. The community has been pressing for a speedy ratification of the Franco Valuta license, to aid in the national bid to mitigate the adverse impact of inflation.
As per the call, the government of Ethiopia has decided to import essential foodstuffs such as oil, wheat, sugar, baby milk and rice directly through the close control of the FDRE Customs Commssion. Hence, to comply with the letter dated 22/3/2013 E.C by the Ministry of Finance letter No. 30/7/51 regarding tax, it has been decided that the implementation will be closely monitored by concerned parties.