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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
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
Banking & FinanceData 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
