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Ethiopia is one of the burgeoning East African economies. The dark days of Qey Shibir are long forgotten and new reforms in the financial sector took place back in 1991 which established the National Bank of Ethiopia as the central bank and financial market regulator in the country.
The African nation receives regular praise from international financial institution such as the World Bank and IMF regarding its economic development and business-friendly atmosphere. Foreign investors open up new operations everyday. In fact, Ethiopia has the largest economy (per GDP) in Eastern Africa.
However, the reality of online Forex trading remains to this day absent within the regulatory framework of the country. Still, it is not outlawed and Ethiopian citizens are not harassed for contracting the services of licensed foreign Forex brokerages.
Seeing a silver lining, many of the foremost forex brokerages such as XM and FBS offer services to citizens of the country. An important thing to note is that they should support one of the several languages that are spoken in the Horn of Africa. Amharic remains the official language and the most popular one. Brokerages also have to provide withdrawals and deposits via the national currency – Ethiopian Birr (ETB). BitPay and PayPal are the most popular payment methods in Ethiopia.