Ethiopia allows foreign banks to open, aiming to attract more investment despite regulatory concerns.

Ethiopia has passed a law allowing foreign banks to set up operations in the country, a move aimed at attracting more foreign investment. The legislation, passed by parliament, sets a 40% ownership limit for foreign banks and requires local representation on boards. Critics argue the National Bank of Ethiopia lacks the capacity to regulate foreign banks effectively, but officials believe it will strengthen the financial system and boost the economy.

3 months ago
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