The National Bank of Ethiopia (NBE) is currently revising the Banking Business Proclamation in order to allow foreign banks to operate in Ethiopia in the hope that this will reduce the permanent foreign currency shortage in the country, which is one of the main challenges faced by the business community in Ethiopia, that affects the day-to-day economic operations of importers, as they can wait even more than one year in order to get foreign currency from an Ethiopian bank so that they can pay their foreign suppliers.

Leggi tutto...

With the Gazette Notice No. 5544 published in the Kenya Gazette No.93 of 20 May, 2022, the National Treasury and Planning of Kenya notifies the opening of a tariff quota of 540,000 metric tonnes of maize grain that will be admitted for import in the country without application of any customs duty until exhaustion of the quota. The measure has been adopted to curb inflation in the country and for cushioning local consumers against the soaring prices of maize, that have skyrocketed since the beginning of the Ukraine-Russia war. Kenya is not the only country that has introduced such a measure. A few days ago also Mexico announced the waiver of import duties for one year on a range of household staples, most of them foodstuffs, including wheat flour and white corn.

Leggi tutto...