Ethiopia's Only Foreign-Owned Financial Firm Shutting Down Due to Central Bank Rules
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Ethio Lease, Ethiopia's only foreign-owned financial services firm, is winding down operations due to central bank regulations.
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The central bank ruled lease payments must be in birr instead of foreign currency, and foreign firms can't borrow birr.
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Ethio Lease said these rules made it impossible to operate, despite trying to resolve issues with the government.
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Ethio Lease was licensed in 2019 as part of reforms under PM Abiy Ahmed to open up the economy.
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The license let Ethio Lease lease medical and farming equipment to companies unable to import themselves.