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EconomyIn its 40th regular session, Ethiopia’s Council of Ministers approved a supplementary budget of 581.98 billion birr to address additional fiscal needs and cost adjustments for the 2024/25 fiscal year. This decision, reached unanimously after detailed deliberation, has been referred to the House of Peoples’ Representatives for final approval. The supplementary budget aims to support
EconomyThe International Monetary Fund (IMF) Executive Board has completed the first review of Ethiopia’s economic program under the Extended Credit Facility (ECF), approving an immediate disbursement of approximately $340.7 million. This installment is part of a broader $3.4 billion arrangement over 48 months, approved in July 2024, which aims to support Ethiopia’s ambitious reform agenda
In an upcoming release, the International Monetary Fund (IMF) is set to publish the first evaluation report on Ethiopia’s macroeconomic reform initiative, providing insight into the progress of the country’s efforts. The IMF highlighted that Ethiopian authorities should remain vigilant in addressing potential challenges within the foreign exchange market. Alvaro Piris Chavarri, IMF Mission Chief
EconomyEthiopia is at a pivotal moment in its economic development, with digitalization emerging as a critical driver for inclusive growth and transformation. As the country works to diversify its economic activities and foster equitable benefits distribution, mobile telecommunications and mobile money services have become central to this vision. A recent report by GSMA titled “Driving
EconomyThe International Monetary Fund (IMF) announced the successful completion of the first review of Ethiopia’s 48-month Extended Credit Facility (ECF) arrangement. This milestone enables an immediate disbursement of approximately US$340.7 million (SDR 255.6 million) to support Ethiopia’s balance of payments needs and ongoing economic reforms. The ECF arrangement, approved by the IMF Executive Board on
Banking & FinanceThe National Bank of Ethiopia (NBE) has issued a revised policy concerning the treatment of foreign exchange (FX) trading spreads and related fees. This update, effective as of October 16, 2024, introduces changes to how banks manage and disclose the differences between FX buying and selling rates, as well as the fees and commissions associated
EconomyA new bill aimed at regulating Ethiopia’s real estate sector has been submitted to the House of People’s Representatives for review. The legislation seeks to address longstanding issues within the industry, particularly concerning the pre-sale of homes and the collection of advance payments before construction has begun. The proposed law introduces stricter guidelines for real
EconomyEthiopia is undergoing a transformative phase in its economic history, marked by the National Bank of Ethiopia’s (NBE) recent announcement of sweeping foreign exchange (FX) reforms. The changes, which liberalize Ethiopia’s tightly controlled currency system, are part of a broader reform program aimed at stabilizing the economy, boosting investment, and promoting private sector growth. These
EconomyA team from the International Monetary Fund (IMF), led by Mr. Alvaro Piris, visited Addis Ababa from September 17 to 26, 2024, to evaluate Ethiopia’s progress on its ongoing economic reforms. This visit was part of the first review of the country’s economic program supported by the IMF’s Extended Credit Facility (ECF), following the approval
EconomyThe National Bank of Ethiopia (NBE) has introduced updated price revision guidelines for gold procurement through its central and regional branches. This amendment comes in response to recent changes in the foreign currency market. According to the new guidelines, the purchase price of gold will be determined daily based on the foreign currency selling rate
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the commencement of accepting applications for Independent Foreign Exchange Bureaus. This move follows the recent approval of the Foreign Exchange Directive (FXD/01/2024), which took effect on July 29, 2024. Independent Forex Bureaus are authorized to engage exclusively in the buying and selling of foreign currency cash notes,
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
