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The National Bank of Ethiopia (NBE) has unveiled a new web-based platform called the Foreign Exchanges Monitoring and Orchestration Unified System (FEMoUS) designed to digitize and automate the country’s foreign exchange operations. FEMoUS integrates commercial banks, importers, exporters and other stakeholders involved in foreign trade and investment activities onto a single online platform. It facilitates […]

Ethiopia has raised domestic fuel prices as part of efforts to rein in swelling energy subsidies and offset the effects of currency depreciation amid increasing global oil costs. The Ministry of Trade and Regional Integration announced price increases of 34 percent for gasoline and 33 percent for diesel in the capital Addis Ababa that will

The International Monetary Fund (IMF) is set to decide whether Ethiopia will receive around $345 million in additional financing after reviewing the country’s progress in implementing economic overhaul targets. The IMF Executive Board meeting on October 18th will rule on disbursing fresh funds under Ethiopia’s $3.4 billion loan program following the confirmation of satisfactory reform

Ethiopia has granted foreign exchange licenses to five companies allowing them to operate as independent currency exchange houses, the central bank said on Monday, as the Horn of Africa nation adjusts to a floated birr currency. The National Bank of Ethiopia said in a statement that Dugda Fidelity Investment, Ethio Independent Foreign Exchange Bureau, Global

Ethiopia has suggested it may offer creditors new bonds maturing in 2031 as part of an effort to restructure its outstanding debt, according to details shared with private bondholders this week. In a presentation on Tuesday, the East African nation’s government outlined illustrative terms for a potential bond restructuring, including the issuance of new debt

Safaricom Ethiopia PLC, Ethiopia’s first private mobile operator, has appointed Andualem Admassie (PhD) as Chief of External Affairs as its subscriber base surpasses 5 million. Launched in October 2022, Safaricom Ethiopia aims to enhance digital connectivity across the nation through an 850 million dollars investment, representing the largest foreign direct investment in Ethiopia’s telecom sector.

Ethiopia has inaugurated a major new cement plant that officials say will play a key role in supporting the nation’s fast-growing construction industry. Prime Minister Abiy Ahmed (PhD) helped cut the ribbon on Tuesday at the Lemi National Cement Factory, located in the Amhara region. With daily production capacity of 150,000 quintals, the $500 million

Ethiopia has cleared the first test of its ambitious economic overhaul backed by the International Monetary Fund (IMF), securing sign-off from the lender’s staff after waiting over three years. Formal completion of the review by the IMF Executive Board would give Ethiopia access to financing of approximately 345 million dollars, the IMF said in a

Maruti Suzuki faces a product recall in Ethiopia, one of its most important growth markets in Africa, after the local distributor Tamrin Auto announced a problem with the steering system on some S-presso mini-vehicles. This comes as Maruti widens a recall initially launched in India to cover nearly 88,000 units globally. The recall applies to

Government agencies in Ethiopia are spearheading the country’s transition to electric vehicles by replacing their existing combustion-engined fleets with EVs, citing cost savings and policy priorities. The state-owned Ethiopian Electric Power (EEP) this week said it spent over 223 million birr (2.1 million dollars) to acquire five electric buses, six mid-sized buses and two minibuses