US-Based Financier Shuts Ethiopian Unit Citing Forex Rules
- Ethio Lease says laws were changed after its establishment
- The Ethiopian birr has plunged since company was set up
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Ethio Lease, a foreign-owned financial company operating in Ethiopia, said it will close after the National Bank of Ethiopia changed currency laws and made it impossible for it to repay its debts.
The planned move to shut the unit of New York-based Africa Asset Finance Co. that won a license from the central bank in 2019, is a blow to Ethiopian Prime Minister Abiy Ahmed’s aim of opening up the economy to foreign capital. Mamo Mihretu, the central bank governor, refuted Ethio Lease’s reasons.