ADDIS ABABA, May 26 (Xinhua) -- The National Bank of Ethiopia on Tuesday announced a decision to allow commercial banks in the country to issue permits for exports to China.
The Ethiopian central bank said that based on the general economic and financial cooperation agreement between the Ethiopian and Chinese governments, all export permits for goods destined for China were previously directed to be processed exclusively through the country's state-owned Commercial Bank of Ethiopia.
In a move aimed at streamlining the East African country's foreign trade sector, enhancing competitiveness, and creating a more accessible environment for exporters, the bank noted that it has officially lifted the previous restriction.
Effective from Tuesday, all licensed commercial banks in the country are fully authorized to issue export permits, manage documentary credits, and handle all related banking transactions for goods destined for China, it said.
"All banks are, therefore, requested to facilitate these export services for their clients in strict compliance with the existing standard foreign exchange and export regulations," the central bank added.
