Ethiopia’s central bank has relaxed rules to allow domestic lenders to invest directly in capital market services, a move aimed at deepening the country’s nascent stock exchange. Under amendments introduced in a directive issued on Friday, the National Bank of Ethiopia (NBE) will permit banks to acquire up to 100 percent stakes in investment banks, […]
New Rules Give Banks Greenlight to Expand into Capital Markets Read More »
Traders Forced to Evade VAT to Stay Competitive in Shadow Economy Across Merkato and throughout Ethiopia, widespread VAT evasion thrives as traders and tax collectors engage in a ongoing game of cat and mouse. Facing pressure to meet collection targets, officials at times aggressively fine businesses even on minor suspicions. Traders in turn employ various
How Ethiopia’s Failure to Develop Edible Oil Supply Chains is Leaving Factories — and Consumers — High and Dry Ethiopia’s domestic edible oil processing industry has ground to a halt over the past year, severely disrupting local supply of cooking oil across the country. Major factories that once produced over a million liters of oil
Edible Oil Refineries Caught in the Crack Read More »
Global inflation remained rampant last year, but the rate of headline price growth is anticipated to drop in the coming months, reports suggest. Inflation rates have doubled in 37 of 44 advanced economies over the past two years, according to Pew Research Center analysis. Global inflation is forecast to rise from 4.7 percent in 2021
Global Inflation Remain Rampant, despite expectations for a slowdown Read More »
Despite facing stiff competition from its competitor, Safaricom, the new entrant, the state-giant ethio telecom still hopes to see an increase in its profit this year. It targets to earn 75.05 billion birr (1.3 billion dollars) this year, a 22.4 percent increase from last year. A part of its new strategy, dubbed LEAD, the moves
Ethio telecom Targets to Make $1.3 B in Profit, Despite Stiff Competition Read More »
The Ethiopian government owes 56.4 billion dollars to domestic and external lenders, a new report by the Ministry of Finance shows. Of the total amount, the share of external lenders reached 28.4 billion dollars. The remaining is borrowed from the central bank and other lenders in the form of treaurey bill and other debt instruments.
Ethiopia’s total debt surpasses $56.4 billion Read More »
Outstanding deposit of commercials banks surpasses 1.6 trillion birr, the macroeconomic committee announced. It is a 200 billion birr jump from last year. The increase is witnessed at the time when banks struggle to mobilze deposit because of falling appetite to save money due to the inflationary pressure in the country. Experts say the real
Banks Customers’ Deposits Surpasses 1.6 trillion birr Read More »
The federal government adjusted profit margin for businesses involved in the distribution and sales of petroleum products.
Gov’t Adjusts Profit Margins for Oil Suppliers, Dealers Read More »
Any businesses can now access loan from any commercial banks in Ethiopia following the lifting of the loan freezing placed by the National Bank of Ethiopia. Implemented since August 2021, the feezing was imposed to weaken groups with an interest to “sabotage the economy.” It was also a measure targeted at narrowing the gap between
Central Bank Lifts Restrictions Put on Loans Read More »
Dashen Bank grosses a profit of 2.4 billion Br during the last fiscal year, its management announced while releasing the latest audit report of the Bank. It is 33 percent higher than the figure registered in 2019/20. The management of the Bank attributed the profits upsurge with the increase in deposit and loans. Dashen collected
Dashen’s Profit 33% Up, Surpasses Two Billion Br Mark Read More »
