bussines news

In a move to enhance the country’s gold supply and foreign currency reserves, the National Bank of Ethiopia (NBE) has issued a new directive allowing gold-producing companies to retain foreign currency earned from gold sales for three months. Previously, the bank’s foreign exchange regulation allowed producers to hold onto foreign currency for just one month. …

National Bank of Ethiopia Eases Gold Trade Regulations to Boost Foreign Currency Inflows Read More »

Ethiopia implements a new vehicle insurance policy. Previously, the maximum death claim was capped at 5,000 birr, but the new policy raised this to 30,000 to 250,000 birr. The policy was introduced in response to the rising frequency of vehicle accidents across the country, which have led to significant loss of life and property. The …

Ethiopia Revises Vehicle Insurance Policy Read More »

Boeing’s Africa office, based in Addis Ababa, will officially begin operations in October 2024, according to Henok Teferra, Managing Director of Boeing Africa. The American aerospace company chose Ethiopia for its African headquarters due to the nation’s achievements in aviation and its status as a continental hub. Henok explained that the new office will enhance …

Boeing Africa Office to Launch in Addis Ababa This October Read More »

Import substitution has registered remarkable results in the concluded Ethiopian fiscal year, Industry Minister Melaku Alebel remarked. Discussion is underway on the annual performance review of the Industry Ministry and plans for the 2024/25 (2017 E.C) fiscal year in Hawassa. Speaking on the occasion, the minister pointed out that great achievements were gained in import …

Ethiopia’s stride to enhance import substitution encouraging: Industry Minister Read More »

 Ethiopian Electric Power (EEP) has announced that it is planning to earn over 300 million US dollars by expanding access to the sale of power to other countries in the current fiscal year. In the last financial year, 20, 522 gigawatt hours of energy were generated from water, wind, and solid waste, said Ashebr Balcha, …

EEP eyes over $300 million income from export of power Read More »

The Enkopa Summit Organizing Committee has announced the postponement of the annual event, which was originally slated for this year. In light of ongoing economic challenges, particularly following the recent foreign exchange reforms implemented on July 29th, the committee has made the difficult decision to reschedule the summit for October 9 and 10, 2025. “Although …

Ethiopia: Enkopa Summit Rescheduled to 2025 amid Foreign Exchange Reform Concerns Read More »

The Ethiopian Capital Market Authority (ECMA) is to introduce a regulatory sandbox in two weeks, opening the door for financial technologies with disruptive business models. Currently not supported by existing regulations and operating in a controlled environment with temporary licenses, the Authority is expected to allow security brokers, dealers, investment banks, and other capital market …

The Ethiopian Capital Market Authority (ECMA) is to introduce a regulatory sandbox in two weeks Read More »

An International Tourism, Culture, and Trade Show aimed at promoting Ethiopian agricultural products will take place in Abu Dhabi from November 1 to 3, 2024. Organized by Gold Land Trading in collaboration with the Ethiopian Embassy in Dubai, the event seeks to connect Ethiopia’s agricultural goods to global markets while highlighting the nation’s rich cultural …

Abu Dhabi to Host International Tourism, Culture, and Trade Show Promoting Ethiopian Agricultural Products Read More »

Ethiopia secured USD 140 million from energy exports in the recently concluded Ethiopian fiscal year, marking a 16 percent increase from the previous year. A 17 percent increase was registered in domestic energy demand compared to last year. In a press briefing on the annual performance, the CEO of Ethiopian Electric Power (EEP) Ashebir Balcha …

Ethiopia Achieves USD 140 Million in Energy Export Revenue Read More »

Wegagen Bank, in collaboration with Visa Inc., has launched its International Prepaid Visa Card service, allowing customers, embassy staff, and international organization employees to make global payments without carrying cash. The launch event took place at the Planet Hotel in Mekelle and was attended by distinguished guests, including Atsbeha G/Egziabher (PhD), Head of the Bureau …

Ethiopia: Wegagen Bank Launches Pre-Paid Visa International Payment Card Read More »