According to NBE’s quarterly report, the value of food imports has jumped to 480 million USD in the 4th quarter of 2020/21 from 96 million in the 4th quarter of the previous fiscal year, revealing more than 400% increase in value.
This jump is attributed to the government’s move of allowing Franco-Valuta imports to curb inflation rates of certain food items such as edible oil and wheat, which is reported to have decreased by 1.8% (to 38.9%) in November from 40.7% back in October of 2021, Central Statistics Agency report revealed.
In the 4th quarter of 2021 NBE report, Franco-valuta imports for all commodity groups were accelerated by 125.3% and reached at USD 1.8 billion accounting for 44.9% of total import value in the period.
It is recalled that the Government of Ethiopia privileged to import basic necessities including sugar, edible oil, wheat, rice, cereal flour, and milk using the franco valuta license in April 2021. The companies need to have 250,000 US Dollars authenticated by National Bank of Ethiopia.
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