staff writer

Ethiopia’s birr currency has weakened substantially in the official market since the new flexible foreign exchange regime took effect, depreciating around 30 percent against the U.S. dollar in just first day of trading.   The Commercial Bank of Ethiopia, the nation’s largest lender, on Monday set its dollar/birr buying rate at 74.7, compared to 57.4 […]

The central bank said its overhaul of foreign exchange rules will be supported by 13.5 billion dollars in coordinated financing from multilateral lenders and creditors as it liberalizes the market. Helping ease transition costs of adopting a floating rate and reforms will be 10.7 billion dollars offered by external partners – termed the biggest such

Ethiopia has liberalized its foreign exchange regime, enabling banks to set their own rates in currency trading but ending their monopoly with newly legalized competition from non-bank players. The National Bank of Ethiopia (NBE) has announced sweeping reforms to liberalize its foreign exchange system and shift to a market-based regime, formalizing a major shift in

By Yared Seyoum Market-based FX rate regime is hoped to relieve FX shortages, remove constraints to private investment and growth, align import/export prices with reality, and address balance of payments imbalances. Ethiopia is in the final hours of preparing for a landmark transition that will see its currency adopt a flexible exchange rate regime, a

Ethiopian parliament has declared three days of national mourning following a deadly landslide in the South Region of Gofa that has killed over 200 people and left hundreds more missing. The landslide occurred on Sunday and Monday in the villages of Kencho and Shacha locality of Gezidi Gofa district in the Gofa Zone. Heavy rains

A drug used to treat HIV has proved 100 percent effective at preventing infection in a major clinical trial, researchers say. The trial involved over 5,000 women and girls in South Africa and Uganda. Some were given injections of the drug lenacapavir every six months, others took daily pills. None of those receiving the injections

By Yared Seyoum  The “unusual” board session comes before the IMF has announced reaching a staff-level agreement with Ethiopia. The executive board of the International Monetary Fund is set to meet next week to formally review a new support program to Ethiopia, as the East African nation seeks fresh multilateral financing to address its economic

Awash Bank has announced double-digit profit growth for the recently concluded fiscal year, driven by increased lending that boosted interest income to unprecedented levels. The largest domestic lender reported net profits of 11.6 billion birr for the year ended June 30, 2024, marking an 18.3 percent rise from the previous period. Total revenues jumped by

Eritrea has suspended all flights operated by Ethiopian Airlines to the country over allegations of persistent unfair practices, the Eritrean Civil Aviation Authority announced in a statement published in state-owned newspaper Hadas Eritrea on Thursday. The Authority accused Ethiopian Airlines of “consistent and malicious trading practices” including systematic luggage theft, damage and loss without compensation

Ethiopian Airlines has taken over the management of Gorgora Resort under its Ethiopian Skylight Hotel brand, the state-owned carrier said on Wednesday. The agreement was signed in a ceremony at Ethiopian Skylight Hotel in the presence of Amhara Regional State President Arega Kebede and senior regional officials, as well as Ethiopian Airlines Chief Commercial Officer