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Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the results of its fifth foreign exchange auction. According to the official statement, the weighted average rate of all successful bids reached 132.9643 Birr per US Dollar. A total of $60 million was made available through the auction, with 16 banks receiving their requested foreign exchange allocations.
Banking & FinanceWashington is on a diet, and Africa just got told dinner might be delayed. The U.S. government’s proposed FY2026 budget, which includes a $8 billion cut in funding for the State Department and USAID compared to FY2023, is more than just an American fiscal choice. For Africa, where development aid still plays a starring role
Ethiopia’s Council of Ministers held its 44th ordinary meeting and came out swinging with a series of important decisions that touched everything from green economy funding to tariff regulations, air agreements, and even foreigners buying land — yes, that last one raised some eyebrows too. 1. Money Talks: Italy and IDA Loans Get the Green
Banking & FinanceEthiopia expects to reach a preliminary agreement with the International Monetary Fund (IMF) this week on the third review of its $3.4 billion loan program, according to State Finance Minister Dr. Eyob Tekalign. Speaking during the IMF and World Bank Group Spring Meetings in Washington, Dr. Eyob noted that formal negotiations with bondholders are likely
EconomyEthiopia’s struggle with its external debt continues to weigh heavily on its international credit standing, even as signs of domestic financial stabilization have begun to emerge. Global ratings agency Fitch has maintained Ethiopia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘RD’ (Restricted Default) — the same level it assigned after the country failed to pay
BusinessKenya and Ethiopia have officially signed a Memorandum of Understanding (MoU) to enhance collaboration and fast-track the implementation of the African Continental Free Trade Area (AfCFTA) under a Simplified Trade Regime (STR). The agreement aims to boost cross-border trade and foster economic integration between the two neighboring countries. The bilateral deal was formalized during a
BusinessEthiopia has set a new benchmark in its coffee export history, generating a record-breaking US$1.5 billion in revenue during the first nine months of the current Ethiopian fiscal year. The announcement came during a press briefing held on April 15 by H.E. Dr Adugna Debela, Director General of the Ethiopian Coffee and Tea Authority. Dr
Banking & FinanceThe National Bank of Ethiopia (NBE) has scheduled its fourth foreign exchange auction for Thursday, April 17, 2025, offering $70 million to participating banks. This follows NBE’s commitment to regular auctions, first announced on July 29, 2024, aiming to ensure price stability and meet foreign exchange objectives. Bids for the upcoming auction will be accepted
EconomyWalk into a store in Addis Ababa and ask for coffee from Côte d’Ivoire. Or look for Kenyan leather goods in Dakar. Oddly enough, you’re more likely to find items imported from Europe, Asia, or the U.S. than from the African continent itself. It’s quite ironic. Africa, a continent rich in resources, talent, and creativity,
EconomyEthiopia’s economy went through a rollercoaster in late 2024, trying to find its balance amid big changes in the foreign exchange system and stubborn inflation. A report from the Ethiopian Economics Association (EEA) offers a detailed snapshot of how things unfolded, especially between July and December 2024—a period marked by bold reforms, tough realities, and
Banking & FinanceEthiopia and the European Union (EU) have signed a €240 million (approximately 32.3 billion birr) grant agreement under the 2024 Annual Action Programme (AAP-2024) at the Ministry of Finance. This funding aims to support Ethiopia’s development across multiple sectors, reinforcing the country’s economic growth, governance, and social stability. AAP-2024 focuses on key priorities, including strengthening
EconomyU.S. President Donald Trump has announced a fresh round of tariffs on global trade, targeting multiple countries with levies ranging from 10% to 49%. The move, which was unveiled in a statement from the White House on Wednesday, aims to prioritize American interests and curb the U.S. trade deficit. Among the nations affected, Ethiopia has
