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Ethiopia's central bank joins African payments system PAPSS
Ethiopia's central bank has joined PAPSS, the Pan-African Payment and Settlement System, according to Reuters. The move allows Ethiopian banks to settle cross-border payments in African currencies rather than routing through dollars or other third currencies. It marks a significant step for Ethiopia, one of Africa's largest economies, in deepening trade ties across the continent and aligning with the African Continental Free Trade Area's push for integrated payments.
Why now: Ethiopia joining PAPSS is a notable shift in African trade infrastructure that could reduce reliance on hard currency, a pressing issue for Ethiopia.
National Bank of EthiopiaPAPSSEthiopia
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