Ethiopia's Bold Fuel Play: Central Bank Greenlights Foreign Imports, Igniting New Logistics Era
Ethiopia's National Bank has introduced a new Franco Valuta Directive, allowing diplomatic missions, foreign investors, and international organizations to directly import fuel using their own forex, bypassing the state-controlled EPSE. This landmark change aims to facilitate commodity imports without straining national forex reserves, marking a significant shift in the country's import regulations.The National Bank of Ethiopia (NBE) has introduced a significant policy amendment, allowing diplomatic missions, foreign investors, and international organizations to bypass the state-controlled Ethiopian Petroleum Supply Enterprise (EPSE) and directly import fuel for their own consumption. This crucial change is stipulated in the newly revised Franco Valuta Directive, which aims to provide greater autonomy to these entities regarding their fuel supply.
Under the provisions of the amended directive, these eligible organizations are now freed from their prior reliance on EPSE for fuel procurement. They are permitted to utilize their own foreign exchange (forex) to import fuel, eliminating the previous requirement for letters of credit (LCs) from banks. The specific volume and value of the fuel allowed for import under this franco valuta scheme will be determined