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Dessie, the managing director of the National Bank of Ethiopia, said, “The Ethiopian financial sector is preparing a plan for the next five and ten years.

The National Bank of Ethiopia (NBE) has made its first statement to journalists since its appointment. In his statement, the focus is on the current economic situation of the country, especially in relation to the export earnings. Their press briefings, however, were scuttling the country’s economy. The reporter and other media outlets answered questions, and they responded. David Bekele, the governor of the Bank of Nigeria, asked the following questions and responses.

Question: What is the current economic status of the Ethiopian economy? What changes are there in the economy? What is the foreign exchange rate?

Dr. Speaker: Regarding the economy overall, we were in a very difficult situation two and eight months ago. Our international reserves abroad were very slow. It was a time when we were almost unable to pay outside debt. On many measurements it was a difficult time. In spite of the economic structural problems associated with the arrival of Dr. Abby Ahmed and the changes in the impact of the economic structural problems, the support of friendly nations and international organizations, with billions of dollars in aid, has provided us with a lot of inspiration to think about other repercussions. So we are now paying our foreign debts as a result of the changes in the economy. We are paying what we have every year. In fact, there may be a delay. In spite of the fact that it does not provide as much foreign exchange as it needs to be in the manufacturing sector, efforts are still being made to diversify as much as possible. In light of this, the change was seen as a turning point in the economic crisis or a near-term economic recovery. This can be seen by various criteria. But our worldwide backup is improving. In this and other eight months, we were in a very difficult situation. Now our ability to pay outside debt is steadily increasing. This is a great solution, especially if our foreign trade shows improvement, and we can see even better.

      As a result of this, the economy shows improvement, but in general overall, this growth will be estimated at this year, on the average, at the end of the year. However, our estimates have been recorded for the upward trend in the past year. This growth is in itself great. It is also larger than in East Africa or in the world’s growth rate. But it’s the economy that has been able to grow even more when it comes to growth over the past year. The above growth could have been possible to provide the foreign currency needed by the manufacturing industry. It could have produced ten and eleven percent. The growth would have been much higher, especially if agriculture had been intentionally taken. So in general, the economy has been plummeting. However, if the current hope and improvement is not built on foreign currency earning, it is likely that we will be back in trouble. As a result, as many as six months have eluded, many industries are facing a widespread problem of foreign currency sourcing. We are trying to support with the best of our ability. But they are not in support of what they need. The problem with the manufacturing sector is not only the shortage of foreign currency. Others have many problems that you can not solve. There are lights, man power, productivity, capital, and other administrative problems. There are factories and industries with internal problems. In general, however, they are not fully functional. Therefore, the transformation of the agricultural and manufacturing sector in this regard should be a great starting point for a permanent solution, and it needs to be intensified.

Question: What changes are there in the financial sector since you have been in charge?

Dr. Speaker: From the beginning of the next two and a half months, different jobs have been created. They are working. Some of them are going away, and some are out of reach. Still in Chat. In particular, we use various methods to increase the cost of remittances, especially because we use it as a foreign currency exchange. In the current situation, there are people who are doing different kinds of illegal activities, and the idea is that Ethiopians and Ethiopians in this area have full participation in this national movement. Through our study. In particular, we have studied the opportunity for Ethiopians and Ethiopians to participate in the financial sector. If it is approved, it is believed that there will be a major change in our system.

      On the other hand, there is a legal framework that ensures the use of mobile assets as a guarantee and benefits of citizens. This proclamation contains details. It is for a village, and for a city. We believe it will be accepted. This is different. It is linked to many millions of citizens. Applying this will contribute to the reduction of poverty. We do not want to do this for the first time. Many countries have taken action. Brazil, India, and other countries. They traveled extensively, such as in Africa, Ghana, and Nigeria. In terms of financial aspects, such changes and new ideas are appropriate. They are looking for innovative ideas but for various reasons, they have not been able to tackle the shortage of cash. The amount of credit on the existing loan system is increasing. Except for some government subsidiaries, banks have increased their credit rating.

Dr. Speaker: From the beginning of the next two and a half months, different jobs have been created. They are working. Some of them are going away, and some are out of reach. Still in Chat. In particular, we use various methods to increase the cost of remittances, especially because we use it as a foreign currency exchange. In the current situation, there are people who are doing different kinds of illegal activities, and the idea is that Ethiopians and Ethiopians in this area have full participation in this national movement. Through our study. In particular, we have studied the opportunity for Ethiopians and Ethiopians to participate in the financial sector. If it is approved, it is believed that there will be a major change in our system.

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