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BusinessKenya and Ethiopia have officially signed a Memorandum of Understanding (MoU) to enhance collaboration and fast-track the implementation of the African Continental Free Trade Area (AfCFTA) under a Simplified Trade Regime (STR). The agreement aims to boost cross-border trade and foster economic integration between the two neighboring countries. The bilateral deal was formalized during a
BusinessEthiopia has set a new benchmark in its coffee export history, generating a record-breaking US$1.5 billion in revenue during the first nine months of the current Ethiopian fiscal year. The announcement came during a press briefing held on April 15 by H.E. Dr Adugna Debela, Director General of the Ethiopian Coffee and Tea Authority. Dr
Banking & FinanceThe National Bank of Ethiopia (NBE) has scheduled its fourth foreign exchange auction for Thursday, April 17, 2025, offering $70 million to participating banks. This follows NBE’s commitment to regular auctions, first announced on July 29, 2024, aiming to ensure price stability and meet foreign exchange objectives. Bids for the upcoming auction will be accepted
EconomyWalk into a store in Addis Ababa and ask for coffee from Côte d’Ivoire. Or look for Kenyan leather goods in Dakar. Oddly enough, you’re more likely to find items imported from Europe, Asia, or the U.S. than from the African continent itself. It’s quite ironic. Africa, a continent rich in resources, talent, and creativity,
EconomyEthiopia’s economy went through a rollercoaster in late 2024, trying to find its balance amid big changes in the foreign exchange system and stubborn inflation. A report from the Ethiopian Economics Association (EEA) offers a detailed snapshot of how things unfolded, especially between July and December 2024—a period marked by bold reforms, tough realities, and
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
EconomyU.S. President Donald Trump has announced a fresh round of tariffs on global trade, targeting multiple countries with levies ranging from 10% to 49%. The move, which was unveiled in a statement from the White House on Wednesday, aims to prioritize American interests and curb the U.S. trade deficit. Among the nations affected, Ethiopia has
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
BusinessEthiopian Investment Holdings (EIH), the strategic investment arm of the Ethiopian government, has achieved a significant milestone, securing its position as the largest sovereign wealth fund in Africa and ranking 34th globally, according to the latest data from the Sovereign Wealth Fund Institute (SWFI). With nearly $45 billion in assets, EIH surpasses the Libyan Investment
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
EconomyEthiopia and France’s Agence Française de Développement (AFD) have sealed a €28.5 million agreement to advance Ethiopia’s Homegrown Economic Reform (HGER) 2.0 agenda, the Ministry of Finance announced today. The deal, comprising budget support and technical assistance, underscores a deepening partnership between the two nations. The agreement includes €25 million in budget support; signed on
