@AfricaNews

Top Ethiopian supermarket to shut down over bottlenecks, forex squeeze | Africanews

3 months ago, 16 Apr 18:15

By: Abdur Rahman Alfa ...

An Ethiopian supermarket reputed for serving expatriate and diplomatic community in the capital Addis Ababa is closing down its operations after close to seven decades. Ethiopia’s The Reporter newspaper quotes owner of Bambi’s supermarket as saying foreign exchange squeeze coupled with administrative bottlenecks were to blame for his decision. According to Charalambos Tsimas, a greek national who owns the supermarket, he has been waiting since March last year to get access to foreign currency for the importation of food stuffs which he provides mostly to his customers. Ethiopia was not like this before. Ethiopia has been a queen of Africa but that doesn’t seem to be the case anymore. “We serve diplomatic communities and I can’t say I don’t have rice or table salt. It’s humiliating,” he is quoted to have said. He further bemoaned what he said was unnecessarily high testing fees for some of his imports. “Ethiopia was not like this before. Ethiopia has been a queen of Africa but that doesn’t seem to be the case anymore,” he stressed. The newspaper, however, notes that the business is not a stranger to controversy. It has in the past been mirred in tax disagreements with frederal authorities, which incident led the owner to be hospitalized in 2012. In December 2017, the National Bank of Ethiopia (NBE) initiated processes to better regulate foreign exchange transactions and by that weaken the black market. According to a new directive, importers are obliged to request for foreign currency from the NBE based on the international prices of their imports. The central bank’s chief economist and its vice governor Yohanes Ayalew, confirmed that the directive had been circulated to commercial banks and was already being enforced.
Read More


Category: africa africa_business business news topnews

Suggested

12 hours ago, 20:19
@AfricaNews - By: Abdur Rahman Alfa ...
Ethiopia intercepts about $ 10m in joint security operation | Africanews

The incident is not the first time that foreign currency has been intercepted by the authorities. ...

Category: africa topnews news
13 hours ago, 19:31
@AfricaNews - By: With Reuters
South Africa: 11 Taxi drivers shot dead in ambush | Africanews

Gunmen on Saturday in S.Africa shot 11 taxi drivers dead while returning to Johannesburg from the funeral of a colleague in Kwa-Zulu Natal. ...

Category: africa news
18 hours ago, 14:00
@AfricaNews - By: Africanews
Incredible: Parisian tightrope walker soars 35 m high on a thread | Africanews

Bongonga, who prepared for the show for one year, said it was her first time performing in front of a world-renowned monument. ...

Category: africa news
16 hours ago, 16:16
@AfricaNews - By: Africanews
Gunmen kill eleven South African taxi drivers returning from funeral | Africanews

Minibus taxis are the most popular form of transport in South Africa and violence is common by rival groups vying for dominance on profitable routes. ...

Category: africa topnews news
16 hours ago, 15:56
@AfricaNews - By: Africanews
Ethiopia opposition parties task PM with electoral reforms | Africanews

This is not the first time the PM is meeting with opposition groups, weeks into his reign Abiy met with leading opposition members at the presidential palace. ...

Category: africa topnews news
10 hours ago, 22:00
@BBCAfrica - By: Bbc
Gunmen in South Africa kill 11 taxi drivers

The men were shot dead in an ambush as they returned from the funeral of a colleague. ...

Category: africa topnews news

@AfricaNews

Top Ethiopian supermarket to shut down over bottlenecks, forex squeeze | Africanews

3 months ago, 16 Apr 18:15

By: Abdur Rahman Alfa ...
An Ethiopian supermarket reputed for serving expatriate and diplomatic community in the capital Addis Ababa is closing down its operations after close to seven decades. Ethiopia’s The Reporter newspaper quotes owner of Bambi’s supermarket as saying foreign exchange squeeze coupled with administrative bottlenecks were to blame for his decision. According to Charalambos Tsimas, a greek national who owns the supermarket, he has been waiting since March last year to get access to foreign currency for the importation of food stuffs which he provides mostly to his customers. Ethiopia was not like this before. Ethiopia has been a queen of Africa but that doesn’t seem to be the case anymore. “We serve diplomatic communities and I can’t say I don’t have rice or table salt. It’s humiliating,” he is quoted to have said. He further bemoaned what he said was unnecessarily high testing fees for some of his imports. “Ethiopia was not like this before. Ethiopia has been a queen of Africa but that doesn’t seem to be the case anymore,” he stressed. The newspaper, however, notes that the business is not a stranger to controversy. It has in the past been mirred in tax disagreements with frederal authorities, which incident led the owner to be hospitalized in 2012. In December 2017, the National Bank of Ethiopia (NBE) initiated processes to better regulate foreign exchange transactions and by that weaken the black market. According to a new directive, importers are obliged to request for foreign currency from the NBE based on the international prices of their imports. The central bank’s chief economist and its vice governor Yohanes Ayalew, confirmed that the directive had been circulated to commercial banks and was already being enforced.
Read More

Category: africa africa_business business news topnews

Suggested

12 hours ago, 20:19
@AfricaNews - By: Abdur Rahman Alfa ...
Ethiopia intercepts about $ 10m in joint security operation | Africanews

The incident is not the first time that foreign currency has been intercepted by the authorities. ...

Category: africa topnews news
13 hours ago, 19:31
@AfricaNews - By: With Reuters
South Africa: 11 Taxi drivers shot dead in ambush | Africanews

Gunmen on Saturday in S.Africa shot 11 taxi drivers dead while returning to Johannesburg from the funeral of a colleague in Kwa-Zulu Natal. ...

Category: africa news
18 hours ago, 14:00
@AfricaNews - By: Africanews
Incredible: Parisian tightrope walker soars 35 m high on a thread | Africanews

Bongonga, who prepared for the show for one year, said it was her first time performing in front of a world-renowned monument. ...

Category: africa news
16 hours ago, 16:16
@AfricaNews - By: Africanews
Gunmen kill eleven South African taxi drivers returning from funeral | Africanews

Minibus taxis are the most popular form of transport in South Africa and violence is common by rival groups vying for dominance on profitable routes. ...

Category: africa topnews news
16 hours ago, 15:56
@AfricaNews - By: Africanews
Ethiopia opposition parties task PM with electoral reforms | Africanews

This is not the first time the PM is meeting with opposition groups, weeks into his reign Abiy met with leading opposition members at the presidential palace. ...

Category: africa topnews news
10 hours ago, 22:00
@BBCAfrica - By: Bbc
Gunmen in South Africa kill 11 taxi drivers

The men were shot dead in an ambush as they returned from the funeral of a colleague. ...

Category: africa topnews news
Our App