Businesses in Mekelle are contending with an acute shortage of cash due to the daily withdrawal limit put on depositors, The Reporter has learnt.
While economic activities are at a standstill in Ethiopia’s second biggest city, the Interim Administration of Mekelle announced that a majority of businesses are still closed and are unable to undertake their regular business activities.
“Despite the opening of banks, the transaction limit is hindering traders from buying and selling items, while economic activities are yet to go back to normal,” Mayor of Mekelle , Ataklti Haileselassie told the Reporter.
“The currency in circulation is also very low compared to the demand for cash,” he added.
Commercial banks operating in Mekelle are also experiencing a liquidity shortage, while some are still closed due to the absence of electricity.
“At some sub-cities where there is no electricity, residents are unable to withdraw money, affecting their daily consumption,” Ataklti said.
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