NBE earmarks over $ 600 mln to prevent inflation

Teklewold Atnafu

Addis Ababa, 28 October 2014 – The National Bank of Ethiopia (NBE) announced that it has earmarked over 600 million US dollars loan to prevent inflation on cereals and other consumer goods in the country.

National Bank Governor Teklewold Atnafu told ENA that the loan is allotted for the purchase of wheat, edible oil, sugar and other consumer goods.

The government has finalized preparations to release the loan now so that the commodities could be imported, he said, adding that it would discharge the loan soon.

The Governor said more than 120 million US dollars is specifically allocated to prevent the shortage of sugar in the country.

According to him, all the necessary works have been carried out ahead of time in order to control the inflation caused by the economic growth of Ethiopia as the root causes of the problem are identified.

He recalled that the nation has been registering double-digit growth over the past two decades.

On the other hand, NBE has readied 45.5 billion birr loan and foreign currency for the mega projects underway in the country, Teklewold disclosed.

He further said the saving culture of the country has shown steady impressive growth.

Saving has jumped from 86 billion birr to 295 billion birr during the past five years.

Public saving, which was 9 percent five years ago has reached 22 percent.

The number of branches of banks has similarly reached 2,208 from the previous 680, it was indicated.

ENA

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