Friday, September 22, 2023

Government tightened restrictions and bans

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Is socialism declared? The government increased restrictions and prohibitions. A committee and team of experts formed at the central bank a month ago are assessing final recommendations for decisions. The final decision will be taken by his NBE board chaired by Prime Minister Economic Advisor Girma Biru. “A commission has been set up and is looking at the possibility of creating an independent body to regulate the insurance industry, which will be independent of the NBE,” said the NBE’s chief economist and vice president. Fikadu Degife told his The Reporter. A decision will be made by the NBE board after the commission completes its investigation, Fikadu said. “The committee is unable to make a decision but recommends it to the board. The board is investigating the matter, but no decision has yet been made. It’s been a month and they’ve already completed their mission,” Fikadu told reporters. According to Fikadu, an independent body must not necessarily be a committee. The committee considered developments in other countries and used the World Bank survey as information to ultimately present its proposals. Four years ago, the World Bank published a study on the separation of insurance regulation from NBE. For almost a decade, Ethiopian insurance officials have called on the government to establish an independent regulatory body separate from the NBE. This is largely because the NBE’s focus is more on banks and lacks proper attention, incentives, support, and close nurturing from central banks, leaving the insurance industry marginalized.

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