Ministry of Finance bans 38 items from entering the country

Addis Ababa, October 4, 2015 (FBC) – The Ministry of Finance-Ethiopia (MoF) has announced that 38 types of products will not receive a bank trust document.

It is said that the products have been researched and announced by the Customs Commission based on the direction set by the National Macro Economic Committee.

The embargo was imposed on the products as they were not found to be priority items and to obtain sufficient foreign exchange for the priority import items.

The National Bank of Ethiopia also stated that the products are the reason for foreign currency smuggling.

According to the Deputy Governor and Chief Economist of the NBE, Fekadu Digafe, the suspension will last for an indefinite period.

Banned items include drinks, such as whiskey or beer and other alcoholic beverages, chewing gum, chocolate, water, cigarettes, artificial decorations and similar materials are indicated.

According to NBE, the ban also applies to cars that are imported by private LCs.

The Deputy Governor said that letters are being circulated to banks not to open new LCs.

Banks have been instructed to implement from Monday.