Ethiopia targets black-market money transfers as central bank vows tough sanctions

“The National Bank will take strong enforcement measures against those who continue to conduct money transfer activities illegally,” Tekalign stated.

“Such actions undermine the integrity of the financial system and the country’s broader economic stability.”

Tekalign also reassured that Ethiopia’s foreign exchange reserves remain “prudent and secure,” reaffirming the central bank’s commitment to macroeconomic stability and investor confidence.

Representatives of international money transfer agencies and commercial banks at the meeting commended Ethiopia’s ongoing financial reforms, offering recommendations to boost efficiency, compliance, and accessibility within the formal market.

This latest move aligns with broader efforts across Africa to tighten regulation of informal financial systems, as governments seek to curb illicit flows and strengthen domestic currencies in an era of growing remittance dependence.