staff writer

Dashen Bank has unveiled a new financing service called “Dube Ale-Interest Free Banking” that complies with Islamic sharia law principles. The pioneering installment purchase program is powered by EagleLion’s customized mobile app. In a first for Ethiopia, the scheme allows customers to make purchases on credit from participating merchants and pay later over periods ranging […]

Ethiopia will construct a key rail connection aimed at reducing its dependence on trucks for petroleum imports, officials said. The planned project will connect the state-run Awash Petroleum Depot in Afar to the Ethio-Djibouti Railway by September 2024. Currently all fuel is transported from Djibouti by truck, which is inefficient and mostly causing shortages due

In the wake of Ethiopia’s decision to float its national currency, the birr, against major foreign currencies, the country’s banks have seized the opportunity to widen their profit margins on foreign exchange transactions. Data compiled by regional analyst shows that as of August 13th, the average selling-buying rate spread charged by Ethiopian banks has skyrocketed

Ethiopian Airlines is exploring financing options for its six billion dollars contract to build a new mega-airport, with plans first announced in 2018 to serve more passengers on the continent’s largest airline network. CEO Mesfin Tassew said the airline’s current hub, Bole Addis Ababa International Airport, will soon hit its capacity of 22 million passengers

Federal and regional authorities continued punitive measures against traders accused of price gouging this week as the government seeks to curb inflation following the depreciation of the birr currency. In an operation now in its 12th day, government officials have shut down 3,512 businesses for illegally raising prices, according to a statement from the Ministry

Tamirat Tola produced a stunning performance to win the Olympic men’s marathon in a new record time of 2:06:26, defeating fellow Ethiopians Kenenisa Bekele and Eliud Kipchoge in the process. Tamirat, who was a late addition to the Ethiopian team after Sisay Lemma withdrew due to injury, seized his unexpected opportunity with both hands. “I

Ethiopia’s National Bank (NBE) held a special foreign exchange auction on Monday, concluding with a weighted average rate of 107.9 birr per U.S. dollar. The auction, which involved 27 participating banks, marks a significant step towards exchange rate stability and the narrowing of the gap between the official bank rate and the parallel black market

Ethiopia’s black market for foreign currency has been in turmoil following the government’s decision to float the birr last week, leading to a sharp depreciation of the local currency. Traders operating in the parallel market say the birr has been highly volatile, with the dollar rate surging from 112 birr to 125 birr by the

Ethiopia’s central bank will hold a special dollar auction tomorrow aiming to arrest a nosedive in the value of its currency after it plunged around 70 percent in the wake of foreign exchange liberalization last week. The National Bank of Ethiopia (NBE) said on Wednesday it will urgently conduct the special dollar sale on August