Weyanes Crack Down On Currency Exchangers – Abugiida

March 18th, 2008 Print Print Email Email

Federal and city law enforcement members raided last week more than 26 underground foreign exhcange spots in a manner that saw an unusual apprehension of what officials often call the parallel market. Now, police accuses them of artificially distorting the foreign exchange market.

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Federal and city law enforcement members raided last week more than 26 underground foreign exhcange spots in a manner that saw an unusual apprehension of what officials often call the parallel market. Now, police accuses them of artificially distorting the foreign exchange market.


Addis Abeba Police, together with the Federal Police , raided small kiosks in almost all corners of the city that regularly exchange currencies rather overtly. More than 35 suspects have been arrested, according to official sources, and more than $6,000,000 of currencies – US dollar, euro, British pound, Chinese Yuan, Thailand Baht and Emirates Dirham as well as Ethiopian Birr, have been confiscated.

In a subsequent move, the Ministry of Trade and Industry also has revoked permits it had granted to cement importers through Franco Valuta but accusing them of doing business with the alleged perpetrators. This massive measure is the first of its kind since this Administration came to power in 1991. After the collapse of Derg regime and the Weyanes seized power, this exchange market was considered as legal and Meles was even boasting in many of his speeches saying that, he even allowed these markets knowingly due to his believe in free market regulation.

The individual with 13 million birr in cash was caught on Thursday March 13, around American Gibi in a place called Beteseb Supermarket. The hard currency was also taken as evidence. Some said that the amount seized during the raid could be over six million dollars including the amount apprehended in Ethiopian birr.

Police has taken into custody over 35 illegal traders in connection with foreign currency exchanges that police claims has contributed to the current destabilization of prices in the country.

Many believe the Ethiopian Birr has depreciated due to corruption in the National Bank, failure in the economic policy and high world oil price.They believe also this measure can’t solve any thing unless the Government wants to cover up its face.

One dollar was changed for 10.60 birr in the past two days before the police cracked down on the black market.

  1. miklla
    | #1

    i really appercaite your progeram keep it up that what i want say is we ethiopian must be together in oreder to devasetate the evil of wayane so that those who take high positon in ethiopia their last destiny is going to be death no matter what because they can’t escape anywhere any place because we are everywher God bless ethiopia and vectory for ethiopian peopl’s

  2. Mussa Ghedi
    | #2

    We appreciat the fact that any desent government would take measures to crack down on what would be deemed illigal in the law of its land. The major point here is not moral or political justification of the move by the woyane but the desency aspect of it. I believe that the woyane carried out this crack down not to uphold the rule of law and order but most likely to protect its own interest in the same sector including its or its members’ involvement in unregulated international money transactions to service remitace from abroad.

    What worries me most is not what the woyane is doing to protect its interest at the moment but the corrupt legacy it is going to leave in the country upon its departure which would be the biggest nightmare for its successors to rectify.

    Allah bless

  3. Guenet
    | #3

    Can somebody give me the definition of illegal?
    As far as I know some of those traders where protected by policemen and many government officials used to exchange there foreign currencies.
    Everything is becoming absurd.

  4. Selam
    | #4

    It is called eliminating your competition, now every body has to give his dollar to Woyane so that it would be richer than before.

    Boycott Woyane money exchange in you city. Every dollar that goes form around the world is going to go through Woyane.

    Boycott, tell all Ethiopians not to send money through Woyane outfits

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