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.