The customers discovered early on Saturday that they could take out more cash than they had in their accounts at the Commercial Bank of Ethiopia (CBE). More than $40m was withdrawn or transferred to other banks, and it took several hours for the institution to freeze transactions.
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Commercial Bank of Ethiopia glitch lets customers withdraw millions
Ethiopia's central bank, which serves as the financial sector's governing body, released a statement on Sunday saying "a glitch" had occurred during "maintenance and inspection activities".
