The National Bank has lifted the restrictions on bank account activity in the Amhara region

 

 

The National Bank of Ethiopia lifted the restriction on the bank account activity of the Amhara regional government by the order of the General Department of Emergency which enforces the emergency declaration. August 5, 2015, for all banks to implement the order.

According to the information we received, the National Bank of Ethiopia has received an order from the Prime Minister’s Office of Emergency that says, “Precautionary measures should be taken by financial institutions so that the bank accounts of the Amhara National Regional Government are not used and stolen for unwanted purposes and the necessary monitoring should be done by the National Bank of Ethiopia.”

“Until the peace and security of the Amhara region are confirmed by the relevant government body and the implementation of the state of emergency is suspended by the House of Representatives, or until this order is revoked in some other way, the government of the region will have any bank account should not move except with the joint signature of Dr. Sama Tiruneh Shiferau (Dr.) and Dr. Tlahun Mehari Aleneh (Dr.) or the joint order,” said Mamo Mehretu, the governor of the National Bank, on August 5, 2015 E.C.

 

National Bank has made amendment emergency declaration in less than a week 

 

 Cancellation of this order from the National Bank of Ethiopia was confirmed on Thursday, August 11, less than a week after it was issued.

According to this, the restrictions imposed by the National Bank on the region’s bank accounts have been lifted and it has been found that the transfer of funds of the regional government institutions has returned to the normal financial operation system.

Since the declaration of a state of emergency in the Amhara region, Dr. Sema Tiruneh has been acting on behalf of the state government, but the regional head of administration, Dr. Yelkal Kefyale, has never been publicly noticed.

Tilahun Mehari (Dr.) is the head of the Amhara Regional Finance Office, and is said to jointly manage the region’s bank account with Dr. Sema Tiruneh (Dr.) due to the restrictions imposed by the National Bank

It will be recalled that the Amhara region approved a budget of 137.4 billion birr for the 2016 fiscal year last July.

On the other hand, Number of Banks in Ethiopia keeps growing Addis Credit and Savings Institution Joint Stock Company has been transformed into a bank. The credit and savings institution has conducted a transition announcement program to start banking services under the name “Sket Bank Stock Company”. The institution has 26 shareholders and a signed capital of 10 billion birr and has started transitioning to become a bank.

 

In Addition to the Addis microfinance transaction the sale of shares of Geez Bank, which was suspended due to war, has resumed. The Bank announced that since it started selling shares, it has expanded its reach to the public in a short period and has reached the end of the founding capital of birr 500 million by selling 13000 shares holding 1.8 billion sign up and 850 million paid capital.