Ethiopia’s central bank said on Thursday it had ordered commercial banks to report businesses and traders using personal or third-party bank accounts instead of their registered business accounts, citing concerns over tax evasion and illicit financial activity. The National Bank of Ethiopia (NBE) said its assessment revealed that “a significant number of bank customers, primarily
Looks like the National Bank of Ethiopia (NBE) is done playing nice with the underground money movers. Governor Eyob Tekalign (PhD) made it clear: if you’re running illegal hawala transfers, it’s time to either go legit or go quiet. The central bank has been chatting with both foreign hawala operators and commercial banks — kind
Ethiopia’s efforts to restructure its sovereign debt have stalled after negotiations with international bondholders broke down, raising the risk of legal disputes and prolonging the country’s financial uncertainty, Reuters reported. The government confirmed that talks with holders of its $1 billion Eurobond had ended without a deal, citing disagreements over key restructuring terms. Ethiopia, which
The National Bank of Ethiopia (NBE) has announced the results of its 10th foreign exchange auction, allocating U.S. dollars to 31 commercial banks at a weighted average rate of Birr 148.1007 per USD, signaling continued adjustment toward a market-driven exchange rate. The latest allocation follows the central bank’s $150 million injection during Auction No. 9
Ethiopia’s central bank said on Monday it will hold a $150 million foreign exchange auction on October 14, its first such operation in more than two months, as part of efforts to boost liquidity and stabilise the currency market. The National Bank of Ethiopia (NBE) said in a statement that improving foreign exchange inflows this
Ethiopian banks continue to strengthen their continental presence, with six institutions appearing in the 2025 Top 100 African Banks ranking, up from five in 2024 and just two in 2022. This rapid rise highlights the country’s accelerated banking sector deregulation and growing competition, which are clearly translating into measurable gains in capital strength. One of
Ethiopia’s Zemen Bank S.C. reported a sharp rise in annual earnings on Saturday, posting one of the country’s highest banking returns as profit nearly tripled amid strong revenue growth. The lender said earnings per share (EPS) reached 68.3% in the 2024/25 fiscal year, underscoring its position among the sector’s top performers. Revenue climbed to 14.4
Imagine this.Ethiopia’s economy has been one of Africa’s fastest-growing for over a decade, skylines rising, industrial parks buzzing, public projects transforming entire regions. Yet, behind the growth story lies a quieter, more puzzling one: the government’s tax revenue has been shrinking relative to the size of the economy. In 2014, for every 100 birr produced
Wegagen Bank S.C. reported a 73% year-on-year surge in gross profit to 3.85 billion birr ($66.5 million), marking one of its strongest financial performances in years, the bank said on Tuesday. At its annual general meeting held at the Hilton Hotel, Board Chairman Abdishu Hussien said the bank’s earnings were driven by robust income growth,
On a muted September afternoon in Addis Ababa, the announcement arrived without ceremony but carried the unmistakable weight of a turning point: Dr. Eyob Tekalign would assume the governorship of the National Bank of Ethiopia. There were no dismissals wrapped in drama, no emergency pressers or currency shocks—just a quiet passing of the baton from
Ethiopia’s Ministry of Finance has released its Treasury bills auction schedule for the final quarter of 2025, outlining plans to issue 243.05 billion birr across four maturities between October and December. According to the calendar, auctions will be held every two weeks from Oct. 1 to Dec. 24, offering 28-day, 91-day, 182-day and 364-day bills.
KEFI Gold and Copper Plc said its Tulu Kapi Gold Project in western Ethiopia remains on track to enter full development in October 2025, as a US$340 million financing package nears final commitment. The London-listed company said board approvals for a US$240 million debt facility from two co-lenders have been secured, with formal signing expected
Banking & Finance
