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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
Banking & FinanceNib International Bank has introduced two new digital payment applications, Nib Amber Pay and Nib Paystream, aimed at enhancing payment convenience and streamlining business transactions. The launch event, held at the bank’s headquarters, featured remarks from the bank’s CEO, Henok Kebede, who outlined the key functions of the new services. According to Henok, Nib Amber
Data from the National Bank of Ethiopia covering the first six months of the fiscal year reveal significant shifts in key economic indicators, particularly in inflation, exports, and market rates. Inflation at a Five-Year Low Inflation has seen a sharp decline, with the overall rate falling by 13.9 percentage points year-over-year, from 29.4% to 15.5%.
Banking & FinanceInternational Monetary Fund (IMF) Managing Director Kristalina Georgieva paid a working visit to Ethiopia, where she met with Prime Minister Abiy Ahmed (PhD) and senior federal officials. She also issued a joint statement with Finance Minister Ahmed Shide, addressing the country’s economic challenges and reform efforts. During her remarks, Georgieva acknowledged the difficulty and time-consuming
Banking & FinanceThe Commercial Bank of Ethiopia (CBE) has achieved a historic milestone, collecting over 303 billion birr in deposits within the first seven months of the 2017 fiscal year. This marks the highest deposit amount recorded in the bank’s history. The bank’s total deposits have now surpassed 1.4 trillion birr, with 245.9 billion birr collected in
Banking & FinanceThe Ethiopian Parliament approved a $550 million loan agreement aimed at increasing the capital of the Commercial Bank of Ethiopia (CBE). This move is intended to strengthen the state-owned bank, making it more competitive and enabling it to operate effectively within the region. The loan is part of a $700 million financing package provided by
Banking & FinanceDashen Bank has unveiled Ethiopia’s first-ever banking Super App, a state-of-the-art, all-in-one digital banking platform, at a grand event held at the Sheraton Addis Hotel. This innovative solution sets a new standard for digital banking, offering a wide range of features aimed at delivering speed, reliability, and exceptional customer satisfaction. “As Dashen Bank, we are
Banking & FinanceWegagen Bank, in collaboration with E-Birr Mobile Financial Services, has introduced a mobile wallet service designed to enhance financial accessibility. The service eliminates the need for branch visits, allowing users to open wallet accounts, transfer funds, make payments, and manage transactions seamlessly through a mobile app or USSD code. The mobile wallet was officially launched
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Banking & FinanceThe Council of Ministers has discussed and approved two draft proclamations submitted by the Ethiopian government in partnership with the International Development Association (IDA). The agreements focus on securing financing for two major development initiatives. The first loan, amounting to SDR 53.3 million, is designated for the implementation of the Ethiopia Modern Public Service Improvement
Banking & FinanceThe Ethiopian capital market is poised to become a reality in the first weeks of January. Much has been said about its potential to transform the country’s economy, with some critics questioning why such a significant market has not been established earlier in such a large and diverse nation. To guide its operations, the Ethiopian
Banking & FinanceThe National Bank of Ethiopia’s (NBE) Monetary Policy Committee (MPC) held its inaugural meeting on December 31, 2024, marking a significant step in the country’s efforts to strengthen monetary policy frameworks. The MPC reviewed Ethiopia’s macroeconomic performance and proposed measures to sustain price stability and support economic growth. Inflation in Ethiopia has continued to decline,
Banking & FinanceThe National Bank of Ethiopia (NBE) is expected to revise its policy rate, or National Bank Rate (NBR), early next year. Set at 15% at the start of this fiscal year, the NBR reflects the NBE’s shift to an interest-rate-based monetary policy framework, replacing the previous credit ceiling approach. This change aims to better align
