The recent arrest of money exchangers in Ethiopia and the seizure of their money by Woyanne thugs is a day-light robbery of innocent store owners who are trying to make a living.
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APA (Addis Ababa) – The Woyanne regime on Saturday launched an operation to shut down all black market money changers, accusing them of being illegal traders. The Ethiopian Woyanne federal police said that they have arrested a number of “illegal” money changers in Addis Ababa along with hundreds of thousands dollars and euros in their possession.
The crack down on these “illegal” black marketeers is being taken after the country faces inflation, which is said to be over 20%.
This is the first time that the government has started to take measures against these money changers, despite them operating quite openly in the past 16 years.
Over 400 licensed changer shops are estimated to operate in Addis Ababa legally during the past several years.
These people were operating quite in the open without any government interference during the past 16 years.
These people, like in many other countries, are giving a higher exchange rate than the official banking system, which compels many people to use their services.
Some of these money changers told APA that they were not given any notice to stop their businesses, if the government claims them to be “illegal”.
This week, for instance, one US Dollar was changing at 9 birr 70 cents at the bank while it was 10 Birr and 45 cents in the black market.
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Over $6 mln seized in black market raid
(Capital) — Police in Ethiopia have seized a staggering two million dollars in hard currency with an illegal money changer and 13 million birr in cash with another trader in an unexpected police raid, where several alleged illegal traders were arrested.
The individual with 13 million birr in cash was caught on Thursday March 13, around American Gibi in a place called Beteseb Supermarket. The hard currency was also taken as evidence. Some said that the amount seized during the raid could be over six million dollars including the amount apprehended in Ethiopian birr.
Furthermore, Addis Ababa Police has taken into custody over 35 illegal traders in connection with foreign currency exchanges that police claims has contributed to the current destabilization of prices in the country.
One dollar was changed for 10.60 birr in the past two days before the police cracked down on the black market network on Thursday, March 13, 2008.
Souvenir shops around Filwoha, behind the Ethiopian Postal Service headquarters, in front of Gandhi Memorial Hospital, behind Ethiopia Hotel, around American Gibi, and behind Hilton Hotel were raided by the police.
“The illegal money changers have been in the business for several years without facing much hassle from police,” said observers surprised by the sudden raid.
National Bank on its part had alerted on Friday, March 14 that the public should be aware of counterfeit birr that are being disbursed through the black market.
According to Ethiopian law, foreign currency is only exchangeable at authorized banks, hotels and other outlets and proper receipts should be obtained for transactions. Exchange receipts are required to convert unused Ethiopian currency back to the original foreign currency.
Non compliance with the law results in penalties levied for exchanging money on the black market, ranging from fines to imprisonment.
Source: Capital