Friday, April 12, 2024

Banks suffering from looting spree


Yinager Dessie (PhD) Governor of the Central Banks told members of parliament that financial institutions are being targeted by looters after unexpected unrest in some parts of the country.
Financial institutions are in critical condition, the governor said, to members of parliament who questioned the amount of money stolen in the western part of Oromia Regional State recently.
“There was just under 15 million birr stolen from 11 branches of six banks,” he said.
Banks were also victimized when unrest occurred in Jigjiga in Somali Regional State last August. When unrest broke out, mobs vandalized the banks there, causing 41 million birr in losses.
“In any instance, when there is unrest, looters find a way to rob banks. The Central Bank can’t protect them unless we work together with regional governments and security institutions,” Yinager said.
In the last seven months, there been 18 more bank branches were opened. Two of these are government owned. There are over five thousand branches and sub branches all over the country which is an increase of 14.4 percent. The two government owned banks have a market share of 30 percent share while 16 private banks holds the remaining 70 percent.
“The increase in the number of branches even exceeds what the government planed to achieve in the second edition of GTP,” he said.

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