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Banks Given Key Role in Central Bank’s Strategy to Tackle Inflation and Bolster Financial Stability

Central Bank Governor Mamo Mihretu today unveiled an ambitious three-year strategic plan promising to drive more inclusive development across Ethiopia. Addressing a meeting of commercial bank presidents and board chairs at the National Bank of Ethiopia headquarters, Mamo described the strategy’s goals of reducing inflation, strengthening financial stability, expanding access, and modernizing payments systems. “Price […]

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Ethiopia’s Leading Bank Finds New Heights, Dashen Profit Ring in at 5 Bilion Birr

Ethiopia’s second largest private bank, Dashen Bank, has announced profits of 5 billion birr for fiscal 2022/23 – a new record and 31.9% increase over the previous year. The robust results showcase the bank’s success in navigating macroeconomic headwinds both within Ethiopia and globally. Speaking at Dashen’s annual general meeting, Board Chairman Dula Mekonnen delved

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Ethiopian Airlines CEO Mesfin Tasew Breaks Silence on Nigeria Air Initiative

Ethiopian Airlines CEO Mesfin Tassew has provided exclusive details about the airline’s participation in the establishment of Nigeria Air, the proposed national carrier of Nigeria. In an exclusive interview with journalists from Nigeria in Addis Ababa, Mesfin, the Group Chief Executive Officer of Ethiopian Airlines, shed light on the airline’s involvement in the proposed establishment

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Central Bank Bans Private Interest-Bearing Loans, Sparking Legal Challenge

The central bank has clarified that interest-bearing private loans are not permitted, with only banks, microfinance institutions, and Savings and Credit Cooperatives (SACCOs) authorized to provide such loans. The Document Authentication & Registration Service sought clarification on whether the long-standing practice of private entities offering interest-bearing loans is legally valid. In a signed letter, central

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US Treasury Proposes Debt Relief Plan to Help Ethiopia and Other Heavily Indebted Countries

The US Treasury has proposed introducing debt service standstills for low-income countries undergoing the Common Framework process once they reach a staff-level agreement with the IMF, according to Assistant Secretary of Treasury for International Finance Brent Neiman. Neiman stated that such a reform would encourage debtors that require relief to engage in the process and

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High-Stakes Talks on Grand Ethiopian Renaissance Dam Commence in Cairo

The third round of trilateral negotiations between Ethiopia, Egypt and Sudan over the Grand Ethiopian Renaissance Dam (GERD) kicked off today in Cairo. The two-day meeting aims to make progress on resolving technical and legal differences related to the hydropower dam project. Speaking ahead of the talks on Twitter, Ethiopia’s Chief Negotiator Seleshi Bekele reiterated

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Djibouti Battles Narrative of Reliance on Ethiopian Trade

Djibouti has launched an unprecedented public rebuttal of Ethiopia’s narrative around dependency on Djibouti’s strategic ports, releasing proprietary trade data showing a far lower reliance on Ethiopian commerce than widely believed. The disclosure comes as exchanges of words continue in the ports access row following Ethiopian Prime Minister Abiy Ahmed’s remarks to parliamentarians about the

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Ethiopia Implements Mandatory Online Ordering to Crack Down on Rampant Fuel Smuggling

In a major escalation against widespread fuel smuggling out of the country, Ethiopia’s Fuel and Energy Authority has announced all fuel shipment orders must now be placed through a centralized online portal. Effective October 24, 2023, petrol stations procuring fuel cargoes must order using the new digitized system. Anyone attempting fuel transport from Djibouti without

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Ethiopia’s “Excessive” Port Fees Reach $1.6 Billion Annually, Prompting Calls for Sea Access

Ethiopia is grappling with a staggering expenditure of $1.6 billion per year on port fees, a consequence of its lack of direct sea access, according to Abdulber Shemsu, the Director General of the Ethiopian Maritime Authority. In a recent address to the House of People’s Representatives, Prime Minister Abiy Ahmed (PhD) cited a UN study

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NBE Hosts IMF Team After Report Signals Turnaround in Ethiopia’s Debt Outlook, Economy

The National Bank of Ethiopia (NBE) hosted the International Monetary Fund (IMF) research team that prepared the World Economic Outlook report. The visit comes as Ethiopia eagerly awaits the finalization of the financing program it requested from the Fund. The central bank hosted technical discussions with visiting International Monetary Fund (IMF) researchers, though it did

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