Eritrea Closes Hundreds of Businesses for Bypassing Banks in Business

ኣብ ኤርትራ 450 ናይ ውልቂ ባንክታት ከምተዓጽወ ከሙኡ ውን ሸሞንተ ወርሒ ክዕጾ  ሙኻኑ ምንጭታት ሐቢሮም።

Eritrea has temporarily shut down nearly 450 private businesses, the latest in a series of moves that has sent shockwaves through the economy of the Red Sea nation.

The closures were a response to companies hoarding cash and “failing to do business through checks and other banking systems,” according to a Dec. 29 editorial published by Eritrea’s Ministry of Information on the state-run website Shabait.com.

Most of the affected businesses operate in the hospitality sector, according to the announcement, and they will remain closed for up to eight months, depending on the severity of the violations.

About 58,000 private businesses operate across the

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