staff writer

The troubled Nib Bank has removed its CEO as part of a sweeping reorganization directed by Ethiopia’s central bank to address a deepening liquidity crisis. Nib Bank has been facing serious liquidity issues, with most branches unable to meet withdrawal demands from customers due to a critical shortage of cash, prompting the National Bank of […]

Siinqee Bank, one of Ethiopia’s private banks, has announced a new ETB 50 million investment in the Ethiopian Securities Exchange (ESX). With this investment, Siinqee will obtain a stake of slightly over five percent in ESX. Last month, Zemen Bank became the first financial institution to invest in ESX, purchasing a 5% stake worth approximately

A destructive fire broke out at the studios of Ya TV, a television station broadcasting translated Asian content in Amharic, on the evening of February 14, 2024. The station, located in the Agona Cinema Building in Addis Ababa, had been operating for just under a year since going on air. The management of the TV

The Ethiopian Petroleum and Energy Authority has released its report on fuel transactions for the first six months of the current fiscal year, showing sales exceeded 163 billion Birr. According to the data, a total of 163.7 billion Birr worth of fuel was sold nationwide between July 2023 and January 2024. The bulk of fuel,

The Commercial Bank of Ethiopia (CBE) has introduced a new verification feature on its mobile banking platform. The bank hopes the addition of a receipt verification tool, which now only works on Android smartphones, helps address ongoing issues reported by merchants and customers. Only a few months ago, several concerning videos began circulating showing frustrated

Ethiopia has seen exports decline for a second consecutive year, dropping two percent to 1.53 billion US dollars in the first half of the 2023/24 fiscal year. Data from the Export Ministry shows a 22 million dollar fall, exacerbating concerns over dwindling foreign exchange reserves in the import-reliant nation, where reserves currently cover less than

The Ethiopia Capital Market Authority (ECMA) announced it will begin “issuing investment bank licenses starting February 12th.” This will mark the “first time” such licenses have been granted in Ethiopia. Speaking at a press briefing in Addis Ababa, ECMA Director-General Brook Taye said the regulator has spent the last six months developing over 10 guidelines

Prime Minister Abiy Ahmed reiterated Ethiopia’s ability to manage its debt during questioning in parliament over the country’s recent default. Abiy told lawmakers his administration aims to reduce external debt to less than 10 percent of GDP. Currently at 17 percent of GDP, Ethiopia owes international creditors over 28 billion dollars, according to the Premier.

The Ministry of Trade and Regional Integration has announced that retail fuel prices will stay the same in February as they were in January. This marks the third successive month of stable rates since the government’s latest fuel price adjustment on October 1, 2023. That October adjustment represented part of ongoing efforts to reduce costly