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Ethiopia central bank lifts suspension of collateralised loans -Breaking

by Mike Robinson

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ADDIS ABABA – The suspension of commercial banks lending to customers in Ethiopia using collateral like property was lifted by Ethiopia’s central banking on Monday.

A conflict that lasted over a year has shaken the economy. It pitted Prime Minister Abiy Ahmad’s national army against rebellious Tigray forces.

The government stated that it had taken the decision to suspend the proceedings in August due to economic sabotage, but did not provide further information.

The restrictions have been removed, the communications division of the central bank told Reuters. They did not give any further information.

Conflict in the North and economic damage from COVID-19 has weakened the local currency, the birr and caused a surge in prices for basic goods. Some firms from abroad have had to evacuate some staff while others shut down.

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