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 »
During a meeting with the Russian-African Economic Cooperation Committee, Fisseha Yitagesu, CEO of the Industrial Parks Development Corporation (IPDC), expressed the corporation’s desire to attract more Russian investments into industrial parks, aligning with the long-standing relationship between Ethiopia and Russia. Fisseha highlighted the favorable investment conditions in the industrial parks and the Dire-Dawa Free Trade …
IPDC seeks to enhance the presence of more Russian investments in industrial parks Read More »
Ambassador Bzunesh Meseret, Deputy Head of Mission at the Ethiopian Embassy in New Delhi, took part in India-Africa Business Conclave 2024 (2nd Edition) which was held in Ahmedabad City, Gujarat State, India, a few days ago. Ambassador Bzunesh on the occasion delivered a presentation on Ethiopian business and investment opportunities with a special focus on …
Ethiopian Shipping and Logistics (ESL) generated a revenue of Birr 57.14 billion birr, surpassing its financial targets for the 2023/24 fiscal year by 20%. The company also achieved a profit of Birr 8 billion. ESL attributed its success to increased ship and truck loading capacity, enhanced service delivery, and the adoption of technology-driven processes. Nevertheless, …
Ethiopian Shipping and Logistics’ Vehicle Shipments Plummeted in 2023/24 Due to Policy Read More »
The Commercial Bank of Ethiopia (CBE) introduced an upgraded version of its digital wallet, CBE Birr Plus, aiming to serve the increasing digital platform user base. The move comes as digital transactions continue to dominate the banking landscape, accounting for a substantial 72 percent of the bank’s total transactions in the past fiscal year, according …
Ethiopia: CBE Upgrades CBE Birr to Boost Digital Banking Read More »
Awash Bank announced a strong financial performance for the 2023/24 fiscal year, reporting a gross profit of Birr 11.6 billion. The bank’s CEO, Tsehay Shiferaw, attributed this growth to a significant increase in deposits, which reached Birr 232 billion, marking a Birr 45.1 billion surge compared to the previous year. The bank also collected Birr …
Ethiopia: Awash Bank Reports a Profit of Birr 11.6 Billion Read More »
The African Union Commission (AUC), in collaboration with the United Nations Development Programme (UNDP) and key stakeholders, launched the Africa Blue Economy Week (ABEW-24) and the Commemoration of the Africa Day of Seas and Oceans today in Addis Ababa. The event is set to boost inclusive and sustainable blue growth across Africa. Africa’s vast coastline …
African Blue Economy Week Launched in Addis Ababa Read More »
A delegation from the Government of Malawi, accompanied by IOM staff, visited the Addis Ababa Bole International Airport to gain insight into how the Migration Information and Data Analysis System (MIDAS) developed by IOM operates. The purpose of the study tour was to equip Malawian officials with a comprehensive understanding of MIDAS for effective border …
Malawi Delegation Visits Bole Int’l Airport To Take Ethiopia’s Experience On MIDAS Read More »