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Banking & FinanceNational Bank of Ethiopia Concludes Special FX Auction with a Weighted Average Rate of Birr 107.9 per USD The National Bank of Ethiopia (NBE) announced the results of the Special Foreign Exchange Auction held today, revealing a weighted average rate of Birr 107.9 per US Dollar. The auction saw participation from 27 banks, and the
Banking & FinanceIn a landmark move, the National Bank of Ethiopia (NBE) has announced sweeping reforms to the country’s foreign exchange (FX) system, effective immediately. This overhaul is a key component of the government’s broader economic reform program aimed at liberalizing the economy and enhancing its global competitiveness. Key Elements of the FX Reforms Government Preparations for
Banking & FinanceAwash Bank has announced a significant increase in its profits for the 2023/24 fiscal year. According to its financial statements, Awash Bank achieved a pre-tax profit of ETB 14 billion, marking a 42.85% rise from the previous year’s ETB 9.8 billion. The bank’s total assets soared to ETB 224 billion as of June 30, 2023,
AWAB-2.78%
Banking & FinanceVolatile! V-O-L-A-T-I-L-E, we might as well change the word to “The Stock Market”. The stock market is one of the most volatile markets and if not handled properly, it can lead to chaos and disorder within the financial realm. One good example of how the stock market can upheave society is the 2008 Financial crisis.
Banking & FinanceHibret Bank, in collaboration with Mastercard, has announced the launch of a new international prepaid debit card service tailored for travelers. This initiative follows in the footsteps of other major Ethiopian banks, including Cooperative Bank of Oromia, Dashen, CBE, Zemen, Abyssinia, and Awash, all of which have introduced similar international prepaid card services. In a
Banking & FinanceFinancial literacy, defined as the ability to comprehend and effectively manage financial matters, plays a pivotal role in fostering inclusive capital market growth. It encompasses various aspects such as budgeting, investing, borrowing, taxation, and personal finance management. A deeper understanding of these concepts empowers individuals to make informed decisions, thereby contributing to their financial well-being
Banking & FinanceIn last nights turn of events, commercial bank customers across the nation have found themselves caught in a whirlwind of disruptions and alleged unauthorized transactions, leading to widespread concern and speculation. Reports from various sources, specifically university students, shed light on the magnitude of the situation, indicating a series of irregularities in financial transactions. According
