Category
217 articles
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the results of its latest foreign exchange auction held today. According to the bank, the weighted average exchange rate for all successful bids stood at Birr 131.7095 per US Dollar. A total of 12 banks were allocated foreign exchange through the auction process. The NBE, which has
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the commencement of a regular series of foreign exchange (FX) auctions to be held every two weeks. The initiative, set to continue over the coming months, aims to enhance stability in Ethiopia’s foreign exchange market and ensure efficient allocation of FX resources. The decision follows Ethiopia’s comprehensive
Ethiopian Investment Holdings (EIH), the strategic investment arm of the Ethiopian government, has achieved a significant milestone, securing its position as the largest sovereign wealth fund in Africa and ranking 34th globally, according to the latest data from the Sovereign Wealth Fund Institute (SWFI). With nearly $45 billion in assets, EIH surpasses the Libyan Investment
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced its decision to maintain its benchmark National Bank Rate (NBR) at 15 percent, following a meeting of its Monetary Policy Committee (MPC) on March 25, 2025. The central bank’s decision comes as it navigates a complex economic landscape, characterized by moderating but still elevated inflation. The MPC
EconomyEthiopia and France’s Agence Française de Développement (AFD) have sealed a €28.5 million agreement to advance Ethiopia’s Homegrown Economic Reform (HGER) 2.0 agenda, the Ministry of Finance announced today. The deal, comprising budget support and technical assistance, underscores a deepening partnership between the two nations. The agreement includes €25 million in budget support; signed on
EconomyCorruption has long been a major challenge for past and present governments. Today, bribery has become so ingrained in daily life that it is treated as just another service charge—even for services that should be provided free of cost. The most alarming aspect is not just the prevalence of corruption but how deeply normalized it
BusinessFuel prices in Ethiopia surged, with gasoline rising to 112.67 birr per liter, while both diesel and kerosene reached 107.93 birr, and jet fuel hit 113.20 birr. These new rates are effective immediately and reflect the latest in a series of price adjustments as the government reduces fuel subsidies, bringing prices closer to market rates
EconomyThe Ministry of Finance of Ethiopia announced an Agreement in Principle (AIP) with its Official Creditor Committee (OCC) regarding a debt treatment under the G20 Common Framework. The agreement addresses approximately USD 8.4 billion of Ethiopia’s outstanding public debt. The AIP outlines a debt service relief of approximately USD 2.5 billion over the period 2023-2028.
EconomyPrime Minister Abiy Ahmed has announced that the Grand Ethiopian Renaissance Dam (GERD), currently nearing completion, could be inaugurated within six months. Located in the Guba district of the Benishangul Gumuz region, the dam now holds 74 billion cubic meters of water. The Prime Minister made this statement in response to a question from Member
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced a Special Foreign Exchange Auction scheduled for February 25, 2025, with a total offer of $60 million. The auction is open to all banks and aims to support the country’s monetary policy while improving foreign exchange market liquidity. The auction follows Ethiopia’s comprehensive macroeconomic reform program, launched
BusinessEthiopian Investment Holdings (EIH) has commenced its mid-year performance review of state-owned enterprises (SOEs), with the first day’s dialogues revealing a range of outcomes across diverse sectors. The review, covering the first half of the 2017 Ethiopian Fiscal Year (EFY), highlighted both successes and ongoing challenges, setting the stage for further evaluations in the coming
EconomyEthiopia’s bondholder committee has strongly criticized the latest report by the International Monetary Fund (IMF), claiming it contains significant flaws that “artificially” present a solvency issue for the East African nation. The assertion, made in a statement on Monday, suggests that the IMF’s analysis could lead to unnecessary debt relief measures. Ethiopia defaulted on its
