staff writer

Ethiopia’s central bank told commercial lenders to stop charging most foreign-exchange fees as it pushes ahead with reforms after allowing its currency to float. The birr has depreciated by as much as 50 percent against major currencies since the policy shift. The National Bank of Ethiopia (NBE) directed banks to end commissions and levies when […]

The gap between buying and selling rates for foreign currencies at Ethiopian banks has more than doubled over the past four days, according to data from large and mid-sized lenders. Prior to July 28th, when Ethiopia’s central bank shifted away from pegging the birr to the dollar and allowed the currency to float freely, the

The pound sterling is now being traded between 101 and 109 Ethiopian birr, surpassing the 100 birr mark for the first time following the liberalization of Ethiopia’s foreign currency regime. The birr has depreciated rapidly, losing as much as 46 percent of its value since it was allowed to float freely on the foreign exchange

The Addis Ababa City Trade Bureau sanctioned 387 sellers it says leveraged macroeconomic reforms, including easing of exchange controls and depreciation, to unjustifiably jack up prices. The Addis Ababa City Trade Bureau (AATB) announced on Thursday measures were being imposed after meeting with sub-city trade administrators to discuss current issues, according to a statement.  

Ethiopia’s parliament has approved a half a billion dollars loan agreement and a draft proclamation. The agreement is between Ethiopia and the International Development Association (IDA), a member of the World Bank Group. IDA yesterday approved a 1.5 billion dollars financing deal with Ethiopia, including a one billion dollar grant. “500 million dollars of the

The National Bank of Ethiopia (NBE) has revised its gold pricing policy to value purchases at current international market rates, the central bank said on Wednesday. The move comes after Ethiopia introduced a more market-driven exchange rate regime this week, allowing commercial banks more flexibility to set rates rather than intervening to strengthen the birr

The World Bank’s Board of Executive Directors on Tuesday approved a 1.5 billion dollars financing package for Ethiopia to support home-grown economic reforms, the bank said in a statement. The “Ethiopia First Sustainable and Inclusive Growth Development Policy Operation” includes a $1 billion grant and $500 million in concessional credit from the World Bank’s International

Ethiopia, newly awash in billions from a landmark IMF deal, is setting a sprint to the finish line for its long-delayed debt restructuring, aiming to seal the deal within six months. The 3.4 billion dollars lifeline from the International Monetary Fund, announced Monday, has infused the Horn of Africa nation with renewed optimism and, crucially,

Ethiopia’s Ministry of Finance said on Tuesday it will maintain a ban on imports of fuel-powered cars, even as the central bank lifted restrictions on imports of 38 other previously banned items. In a letter signed by Finance Minister Ahmed Shide to the National Bank of Ethiopia dated July 30, 2024, the ministry said the

The International Monetary Fund (IMF) has approved a 3.4 billion dollars financing package to back Ethiopia’s economic reform plans over the next four years. The IMF Executive Board signed off on a 48-month arrangement under the Extended Credit Facility. It provides about 850 percent of Ethiopia’s IMF quota to fund the government’s Homegrown Economic Reform