The Commercial Bank of Ethiopia (CBE) registers 11 percent growth in forex mobilisation during the first quarter of the existing fiscal year. It has made such a stride despite a COVID-19 driven economic slowdown that has brought down remittance and slowed trade activities across the globe.
The Bank secured 613 million dollars from export and remittance in the reporting period, achieving 87 percent of its target. Coupled with the fee adjustment it has made last year, this pushed its profit to 6.8 billion Br, which is 148 percent of its target.
