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Banking & FinanceThe Ethiopian Deposit Insurance Fund (EDIF) has gathered a total of 5.2 billion Birr in premiums from banks and microfinance institutions over the past nine months, showing an 11.1% increase compared to last year. At a press conference, EDIF CEO Desalegn Ambaw said the fund currently protects up to 100,000 Birr per depositor per institution.
Banking & FinanceAwash Bank announced today that it has allocated over 498 million US dollars to more than 2,200 customers in just three months, from January 1, 2025, to March 31, 2025. The bank emphasized its commitment to addressing the foreign currency shortage in the country and ensuring transparency in its allocation process. Awash Bank stated that
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
Banking & FinanceThe Commercial Bank of Ethiopia (CBE) has disbursed 264.65 billion birr in loans over the past eight months, significantly expanding its credit services and financial accessibility. Presenting the bank’s performance report to the Standing Committee on Government Enterprises Affairs in the House of Representatives, CBE President Abe Sano highlighted key developments, including the introduction of
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
Banking & FinanceThe House of People’s Representatives’ Public Expenditure Management and Control Affairs Standing Committee has uncovered serious financial mismanagement within the Ministry of Innovation and Technology (MInT), citing a budget deficit exceeding half a billion birr. During a recent review of the ministry’s project contracts and human resource management, the Standing Committee highlighted severe irregularities, including
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
Banking & FinanceThe National Bank of Ethiopia (NBE) and the Ethiopian Securities Exchange (ESX) have solidified their partnership with a newly signed Memorandum of Understanding (MoU), aimed at bolstering the operations and governance of the nation’s interbank money market. This agreement comes as the market, launched in October 2024, has already facilitated over 377 billion ETB in
Banking & FinanceIn a move aimed at ensuring its long-term sustainability and competitiveness within the evolving Ethiopian financial sector, the Commercial Bank of Ethiopia (CBE) has announced a moderate adjustment to its loan interest rates, effective March 7, 2025. This decision comes amidst the government’s push for market-oriented policies and the bank’s own extensive transformation efforts. The
Banking & FinanceThe Commercial Bank of Ethiopia (CBE) has reported robust half-year performance figures, highlighting substantial growth in deposits and digital transactions, during a review session with Ethiopian Investment Holdings (EIH) executives. CBE President Abe Sano revealed that deposits surpassed 350 billion birr in the fiscal year ending February 16, 2017, bringing the bank’s total deposits to
Banking & FinanceCooperative Bank of Oromia and Rabo Partnerships (RP) have announced the launch of a new digital lending platform designed to transform agricultural finance in Ethiopia. This innovative solution will streamline the loan application process, providing faster and easier access to credit for farmers, particularly smallholders in remote areas. The platform leverages data analytics and credit
