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Ethiopian Airlines is exploring financing options for its six billion dollars contract to build a new mega-airport, with plans first announced in 2018 to serve more passengers on the continent’s largest airline network. CEO Mesfin Tassew said the airline’s current hub, Bole Addis Ababa International Airport, will soon hit its capacity of 22 million passengers […]

Federal and regional authorities continued punitive measures against traders accused of price gouging this week as the government seeks to curb inflation following the depreciation of the birr currency. In an operation now in its 12th day, government officials have shut down 3,512 businesses for illegally raising prices, according to a statement from the Ministry

Tamirat Tola produced a stunning performance to win the Olympic men’s marathon in a new record time of 2:06:26, defeating fellow Ethiopians Kenenisa Bekele and Eliud Kipchoge in the process. Tamirat, who was a late addition to the Ethiopian team after Sisay Lemma withdrew due to injury, seized his unexpected opportunity with both hands. “I

Ethiopia’s National Bank (NBE) held a special foreign exchange auction on Monday, concluding with a weighted average rate of 107.9 birr per U.S. dollar. The auction, which involved 27 participating banks, marks a significant step towards exchange rate stability and the narrowing of the gap between the official bank rate and the parallel black market

Ethiopia’s black market for foreign currency has been in turmoil following the government’s decision to float the birr last week, leading to a sharp depreciation of the local currency. Traders operating in the parallel market say the birr has been highly volatile, with the dollar rate surging from 112 birr to 125 birr by the

Ethiopia’s central bank will hold a special dollar auction tomorrow aiming to arrest a nosedive in the value of its currency after it plunged around 70 percent in the wake of foreign exchange liberalization last week. The National Bank of Ethiopia (NBE) said on Wednesday it will urgently conduct the special dollar sale on August

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.