Ethiopia becomes Africa's latest sovereign default

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The level of incompetence is mind blowing.


Ethiopia’s State Bank Mobilizes Task Force to Recoup 6 Billion Birr Lost through mysterious “system failure”

The source indicated that the Commercial Bank of Ethiopia does not yet know the amount of money it lost, but it indicated that over six billion birr worth of transactions were conducted in a matter of six hours, and over 25,000 money transfers were made.

Borkena has learned from citizens’ reports on social media that most money transfer transactions and ATM withdrawals were observed among university students. Jimma University and Addis Ababa University have issued warning statements urging students to return if they have withdrawn or transferred money from the bank and avoid facing legal consequences.


Last week, the bank fired more than 200 employees in connection with fraudulent educational credentials.



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