Police Arrests 7 People in Illegal Forex Trade Case

ADDIS ABABA – Seven people have been arrested for allegedly engaging in illegal foreign exchange trade in the Capital, according to Addis Ababa Police.

The arrests were made on Thursday after Police carried out a simultaneous raid on mobile phone and commodities shops in Bole Sub City suspected of running illegal Forex trade.

The Police were able to seize a total of 19,650 US Dollars, 17, 750 Euro, 3, 800 Canadian dollars and 763, 000 Birr during the ride.

Several amounts of British, Russian, Australian, Eritrean, Sudanese UAE, France, Qatari and Chinese currency notes were also captured, the metropolitan police said on Friday.

The police have continued their investigation into the case after arresting seven suspects who have been engaged in the illegal foreign currency trade.

Illegal Forex trade is among the reasons that are stoking inflation in the country, said the police, advising the public to use formal channels, such as banks, for exchange.

They also warned those individuals who are involved in dollar exchange in the black market.