NBE Offers Reward for Tipping Actors Engaging in Illegal FOREX, Gold Market

Addis Ababa  October 19/2022 /ENA/ The National Bank of Ethiopia has today announced a new directive that offers reward to people who tip information about illegal Foreign Exchanges and gold market activities in the country.

The new directive is believed to help  the nation’s effort to effectively prevent entities engaged in illegal Foreign Exchanges and gold mark.

Briefing the media today, NBE Legal service director Mesifin Getachew said the new directive includes rewarding those who provide intel on illegal actors engaging in illegal FOREX and illegal gold market.

Storage of currency note illegally out of the existing financial institutions, engaging in illegal gold marketing and  FOREX are prohibited by the directive.

The government has put in place mechanism to reward those who provide information about these illegal activities.

The alternative to provide the information can be in person, using telephone, email, fax and other options, according to the director.       

In order to protect the informants, the status of the information will be kept confidential, according to the director.  

Based on the information, the National Bank will work in collaboration with  a command-post that is comprised of ministry of Justice, Federal Police Commission,  the National Intelligence and Security Service, and Financial Intelligence Service with a view to take the necessary legal actions.

As per the new directive, the reward includes payment of 15 percent of the illegally captured currency, FOREX or gold, while from 20,000 to 200,000 birr will be rewarded for counterfeit currency and exchange based on the amount and type of currency captured, it was indicated.