Ethiopian authorities have frozen 519 bank accounts and placed 112 individuals under investigation over illegal foreign currency operations, the National Intelligence and Security Service (NISS) said.

The move forms part of a wider effort to stabilise the country’s macroeconomic framework by targeting structured and covert foreign exchange networks. NISS said the operations had been systematically monitored and involved sophisticated methods to transfer funds outside formal channels.

Investigations were coordinated across multiple agencies, including the Federal Police, regional security units, the Financial Intelligence Centre, and community oversight mechanisms. Those under scrutiny include both Ethiopian nationals and foreign citizens involved in illicit currency dealings and related financial crimes such as money laundering and tax evasion.

NISS noted that many suspects were found supporting criminal networks and facilitating transfers through unlicensed remittance platforms, cryptocurrency applications, and hawala systems, actions that have caused significant harm to the national economy.

The service said the illegal flows had disrupted major government projects, undermined public confidence, and posed security risks, prompting decisive legal measures. Authorities have warned that individuals and organisations attempting to circumvent formal channels to move high-value foreign currency abroad will face enforcement action.