EDITOR’S NOTE: This is done to eliminate the competition against Woyanne currency dealers, not to enforce the law. Foreign currency exchange is one of the businesses that the ruling party wants to monopolize.
ADDIS ABABA, ETHIOPIA (APA) – The Ethiopian police on Wednesday arrested eight people for being in possession of foreign currency (US dollars and Euro), which contravenes currency regulations, APA learns here.
The Ethiopian federal police [Meles Zenawi's death squad] accused the eight for attempting to take the money to the border for illegal trading.
“They were caught after hiding the foreign currency in a vehicle for their illegal trading at the border,” said the police.
Since the past four months, the government banned black market foreign currency exchange and shut down a number of shops that were involved in a black market of foreign currency, especially US dollars and Euros.
The eight people were arrested with over $350,000 and over 16,000 Euros, according to the police.
It is illegal to use foreign currency for buying and selling activities. The police have advised the public to go to the bank for any foreign currency exchange transactions.
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FORUM | 7 Comments
I think, it is all about the law. I haven’t seen any transaction in USA without tax, except in some Habesha Shops. Don’t you think US is developed because of their taxing system? Informal transactions should be stopped. It is all about the law. The police and the so called “woyane” have the responsibility to excute the law and prosecute illegal dealers. Illegal activities have never contributed to the growth of a country. Somalia, Colombia and Afganistan are very good examples to what I have been saying, to my knowledge.
Thank you, anyway!
Endale S.
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November 19th, 2008 at 7:27 PM
I prefer to exchange my money in the black market than woyanne bank.
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November 19th, 2008 at 9:23 PM
Who ever is in power, I would like to see some sense of legal application to our financial system. Yes, any where in the world when you are part of the ruling system, you are likely to get away with some illegal stuff but should everyone become illegal? I don’t think so. I wish and hope that it will be leadership by example. Just because we hate this government doesn’t mean crooks should get away with money laundering. For the woyanes, please adhere to the law of the land and do same go to the bank.
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November 19th, 2008 at 11:58 PM
That is up to you but before opposing everything let us be frank in issues like this. our marchants are butchers look the current market condition
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November 20th, 2008 at 12:01 AM
Yes. I support the measure taken by the Ethiopin law enforcers.
As to Elias, go go to the deepest hell, man.
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November 20th, 2008 at 5:31 AM
Black market and money transaction illegally is bad for the country — no question about it. But what I heard is even more appalling. I heard that woyanne itself or through its surrogates is also heavily engaged in this underground transaction. So, it seems that the recent crackdown is all about the competition going on between the merchants and the weyanne agents. If what the weyanne or its surrogates are engaged in is true it has far reaching consequences of hurting the economy even more. Rumors are floating around that the woyanne and its agents have always been engaged in in such activities and even trading using this transaction on international markets. Please someone with the right information clarify if this is true.
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November 20th, 2008 at 12:02 PM
Why do people prefer to buy their currency from black market in the first place? B coz it is more cheaper?
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November 20th, 2008 at 12:50 PM