The National Bank of Ethiopia (NBE) issued a new circular on foreign exchange transactions numbered FEMRMD/0585/2024, effective August 3, 2024, which was aimed at increasing transparency in the foreign exchange market. A key aspect of the circular is the prohibition of additional fees or commissions on foreign exchange sales by banks, except for nominal charges …
Cuba’s Deputy Minister of Foreign Affairs, Elio E. Rodriguez Perdomo, emphasized the historical bonds between Cuba and Ethiopia while expressing admiration for Ethiopia’s economic strides and outlining plans for enhanced cooperation. In an exclusive interview with ENA, the Deputy Foreign Minister praised Ethiopia’s economic progress, noting, “Ethiopia is among the five most important economies in …
Cuba Seeks to Deepen Ties with Ethiopia, Praises Economic Progress Read More »
Fisseha Yitagessu (PhD), CEO of the Ethiopian Industrial Parks Development Corporation (IPDC), announced ongoing efforts to enhance the involvement of Chinese investors in Ethiopia’s industrial parks. Speaking at the annual Ethiopia-China Business Forum in Addis Ababa, he noted a noticeable increase in Chinese investment in both industrial parks and free trade zones across the country. …
Reforms made to enhance Chinese investors’ engagement in industrial parks: IPDC Read More »
Moha Soft Drinks Industry S.C. has officially announced a new awards program for its consumers in Ethiopia. During a press conference today, Nigus Solomon, the Marketing Manager of Moha Soft Drinks Industry S.C., revealed that the company has resumed production and distribution of its soft drink products after a temporary hiatus. He emphasized that significant …
Moha Soft Drinks Industry S.C. Announces Consumer Awards Read More »
A 64-member Chinese delegation, including investors and mayors, took part in a Business-to-Government Forum at the Skylight Hotel in Addis Ababa which kicked off Wednesday the 31st of July 2024.. The forum involved over 40 Ethiopian government officials, according to the Ministry of Foreign Affairs of Ethiopia (MFA Ethiopia). Ethiopian and Chinese officials highlighted investment potential …
Chinese business delegation participates in G2B forum in Addis Ababa Read More »
Ethiopian Investment Commission Commissioner, Hanna Arayaselassie, held a meeting yesterday with Iranian Ambassador to Ethiopia, Ali Akbar Rezaei. The discussion focused on mechanisms to boost collaboration in the trade and investment sectors between the two nations. Source: FBC
Ethiopian Airlines has announced a strong performance for the 2023/2024 fiscal year, raking in USD 7.02 billion in revenue. This represents a 14% surge compared to the previous year. The carrier’s passenger services contributed significantly, generating USD 5 billion, while cargo operations brought in USD 1.65 billion. Despite challenges including fuel shortages and flight restrictions, …
Ethiopian Airlines Amasses USD 7 Billion in Revenue Read More »
In a dramatic departure from its longstanding economic policies, the National Bank of Ethiopia (NBE) has introduced sweeping reforms to its foreign exchange regime. The move, aimed at stimulating growth and attracting foreign investment, is expected to have far-reaching implications for the country’s economy. Starting today, commercial banks are granted the authority to freely negotiate …
Following up on the Government’s recent statement regarding Ethiopia’s economic reform program, the National Bank of Ethiopia (NBE) announced a major revision of the country’s foreign exchange (FX) system effective immediately. The reform introduces a competitive, market-based determination of the exchange rate and addresses a long-standing distortion within the Ethiopian economy. The implementation of the …
Nat’l Bank of Ethiopia Announces Major Revision on Country’s Foreign Exchange Read More »
Prime Minister Abiy Ahmed announced today that Ethiopia has embarked on full implementation of macroeconomic reform policy. In a macro-economic reform program policy statement issued today, Prime Minister Abiy elaborated that the government has been implementing numerous economic reforms to address longstanding structural problems, including debt burden, inflation, unemployment, and low productivity following the political …
Ethiopia Embarking on Full Implementation of Macroeconomic Reform Policy Read More »