In Tog Wajaale Ethiopia, mobile phone service has been suspended. Tog Wajaale is situated on the border between Ethiopia and Somaliland.
Tog Wajaale is the hub of Ethiopian currency’s black market. Ethiopians and Somalis from across the border who want to buy dollars head to Tog Wajaale where hundreds of black market networks are operating. In recent months, the Ethiopian government liberalized foreign exchange market in order to kill the currency black market. Despite the introduction of macro economic reforms and depreciation in the value of birr against dollar, black market is still flourishing.
On Wednesday, the Ethiopian Prime Minister Abiy Ahmed blamed foreign embassies for interfering in and running currency black market in Ethiopia. He vowed to taken action on them.
These black market transactions can lead to unstable currency values, which can harm the local economy. Additionally, without proper regulations, these exchanges can put people at risk of fraud or unfair deals.
By shutting down mobile networks, the government aims to disrupt communication among those involved in these illegal activities. This move is part of a broader effort to regain control over financial transactions and restore order in a region facing economic and social challenges.
Read More….
Ethiopian Government to Increase Petrol Price to 115 Birr per Liter
Somalia Questions the Presence of African Union HQ in Ethiopia
Ethiopian Stock Exchange (ESX) to be Launched this Month