#exchange controls

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Ethiopia restricts banks from issuing foreign currency

ADDIS ABABA: Ethiopia has ordered banks to deny foreign currency to businesses importing non-priority goods, in an...

ADDIS ABABA: Ethiopia has ordered banks to deny foreign currency to businesses importing non-priority goods, in an effort to shore up dwindling foreign reserves in one of Africa’s major economies.

The move effectively freezes the import of dozens of items such as alcohol and cars, as businesses must register with banks to obtain the foreign currency needed to bring goods into the country.

In a letter to Ethiopia’s central bank, the Ministry of Finance said it had become necessary to restrict the use of foreign currency to importing food, medicine and medical equipment, and raw materials for manufacturing.

[cryptonewseye]

Cheap Power Is Creating a Bitcoin Mining Boom in Argentina

Argentina, the ailing South American country, is experiencing a cryptocurrency mining resurgence due to artificially low power rates maintained by subsidies from the national government. This fact, alongside exchange controls and the possibility of selling obtained assets at a higher exchange rate than the official one, is enticing more and more individuals to enter the […]