Millions of dollars withdrawn by customers from Ethiopia's largest bank without authorization.

• Before transactions were halted, it is reported that over $40 million was withdrawn or transferred from the Commercial Bank of Ethiopia.
• On Monday, Abie Sano, the President of the bank, announced at a press conference that a significant amount of cash had been withdrawn by students.
• The CBE confirmed the service interruption on X but denied it was due to a cyber attack. Its ATM services are now functioning normally.

Reports indicate that Ethiopia's largest bank is facing financial difficulties after a technical issue on the weekend enabled customers to withdraw unlimited funds.

It was reported that over $40 million was withdrawn or transferred from the Commercial Bank of Ethiopia, causing transactions to be halted after customers discovered they could withdraw more than their total balance.

On Monday, Abie Sano, the President of the bank, announced at a press conference that a significant amount of cash was withdrawn by students, causing long lines at campus ATMs, as reported by the BBC.

Several universities have encouraged students to return money that doesn't belong to them, and Sano reportedly stated at Monday's press conference that anyone who returns the money will not face criminal charges.

The CBE confirmed the service interruption on X but denied it was due to a cyber attack. Its ATM services are now operational, according to a Google translation.

The interruption in Ethiopia's central bank's financial sector was due to system security checks and not an incident that posed a threat to the bank, its customers, or the entire financial system, as stated in a Google translation.

CNBC has contacted the CBE for comment.