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Ethiopia has inched a step closer to liberalising its banking sector, after setting the stage for Kenyan lenders such as Equity, KCB and Cooperative Bank to set up operations in the Horn of Africa's most populous nation.
On Saturday, the Ethiopian government adopted a new code that will allow the opening up of its financial sector to foreign entities.
The Ethiopian Council of Ministers - the country's cabinet said that the move "is a decision targeted at solving the forex shortage in Ethiopia, create more job opportunities and make the sector competitive and also take the sector one step forward."
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