Ethiopia is preparing to introduce its local currency securities exchange platform next year, and as part of that preparation, it plans to loosen its prohibitions on foreign involvement in its domestic financial markets.
Over the past two years, the nation has allowed foreign companies to participate in its banking and telecommunications sectors, enabling Kenyan banks KCB and Safaricom to establish operations.
Only natives and Ethiopian expatriates are permitted to engage in or run enterprises in other industries, which has severely curtailed the amount of foreign participation in the nation’s financial markets.
Following the opening of the banking and telecommunications sectors, Ethiopia is currently working on liberalizing “many other different sectors,” according to Brook Taye, director-general of the Ethiopian Capital Markets Authority (ECMA), who was speaking to media.
Source: BI
