National Bank Activates Accounts Opened in Tigray

ADDIS ABEBA – The National Bank of Ethiopia (NBE) has unfrozen bank accounts that have been opened in the Tigray region.

NBE officials ordered the accounts to be frozen in mid-November without giving much explanation.

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In a new letter communicated to the Banks on Tuesday, the Central Bank said account holders-living in any part of the country can withdraw cash from a bank account that was opened in Tigray starting from Wednesday.

The decision does not apply to the 34 companies operating under the Endowment Fund for the Rehabilitation of Tigray (EFFORT) whose accounts have been suspended by the Federal Attorney General, according to the NBE.

The companies are accused of supporting TPLF forces, which were fighting the federal army.

The central Bank is yet to decide on when over 600 branches of commercial banks in the region will fully be opened and start giving service. The branches have been closed for weeks after NBE observed tendencies of looting of banks.

By Mhret G/kristos

Source: Link to the Post

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