By Yared Seyoum The two nations will be able to directly exchange their local currencies The central banks of the United Arab Emirates and Ethiopia signed a bilateral currency swap agreement worth up to three billion dirhams (USD 816.79 million) on Tuesday. It is a move that could provide much-needed relief to Ethiopia’s economy. Ethiopia […]
UAE, Ethiopia Central Banks Sign $817 mln Currency Swap Deal Read More »
An illicit gold trade in Ethiopia’s northern Tigray region is exacerbating post-conflict challenges in the aftermath of a two-year conflict that ended in November 2022, according to officials and an investigation. The Reporter newspaper, in an investigative story published today, reported that Tigrayan military commanders have taken control of gold mining operations using forced labor
State-owned telecom provider Ethio Telecom has reported its fastest profit and revenue growth in years, driven by rising demand for digital services across Ethiopia. Meanwhile, its mobile money unit Telebirr continues hitting milestones that are deepening financial inclusion in the nation. Ethio Telecom announced this week that net profit jumped 21 percent to 21.8 billion
Ethio Telecom Accelerates Growth on Digital Push as Telebirr Sets New Records Read More »
By Yared Seyoum Commercial bank deposit and lending rates were previously heavily influenced by administrative guidance from NBE. Now rates will be more market-driven based on the repo rate level. Banks will still have scope to price loans based on their own funding costs and risk assessments of borrowers. And deposit-taking banks must continue paying
Ethiopia Launches Interest Rate Framework, Sets Repo at 15% Read More »
U.S. hotel group Marriott International plans to open nine new properties across Ethiopia, ramping up its presence in the East African country where it already operates two hotels in the capital Addis Ababa. Marriott President and CEO Anthony Capuano met with Prime Minister Abiy Ahmed (PhD) last week, outlining proposals to significantly expand the company’s
Marriott Unveils Plan to Add 9 Hotels in Ethiopia Expansion Read More »
Inflation in Ethiopia slowed more than anticipated last month, falling to 19.9 percent and bringing price growth closer to the target range set by the central bank, according to data released Monday by the Ethiopian Statistical Service. The figure marks a significant decline from the 29.3 percent inflation recorded in June 2023. The deceleration brings
Inflation in Ethiopia Slows Closer to Central Bank Target Range Read More »
Ethiopia has long been renowned as a top producer of specialty coffees like Yirgacheffe and Harar. However, rising temperatures and prolonged droughts are now making it much harder for smallholder farmers to cultivate their signature coffee crops. As an alternative, many farmers have gradually begun replacing their coffee trees with the more drought-resistant khat plant.
Khat Profits Prompt Coffee’s Swift Exit Read More »
Flexibility sought as sector’s loans, members multiply. Savings and credit cooperatives (SACCOs) have become major players in Ethiopia’s financial landscape, filling an important gap in access to credit left unmet by traditional banks. As consumer demand for loans has intensified in recent years, particularly to purchase vehicles and housing, SACCOs have experienced rapid growth by
SACCOmania Sweeps Addis Ababa Read More »
3+ Years Pass Without a Single New Entrant in Ethiopia’s Neglected Sector While Ethiopia’s banking sector boomed with player numbers doubling, its insurance industry stagnated over six years despite premiums skyrocketing. Only one new insurer entered despite a 25 billion birr premium jump. Insurers face obstacles like inflation eroding margins, regulatory barriers hindering innovation, and
Prolonged Drought for Insurers Read More »
Used clothing imports known locally as “bonda” have come to dominate over half of Ethiopia’s clothing market in recent decades. Bonda provides affordable garment options that are appealing to consumers across income levels. Since the 1980s, bulk shipments of sorted Western overstock and returns have been arriving from abroad and sold locally. This has posed
Bonda Booms Edge Out Homegrown Fashion Read More »
