African Ministers Call for $100b Support

The African Ministers of Finance have called for 100 billion dollars in support to halt the spread of the Novel Coronavirus (COVID-19) pandemic throughout the continent. Out of that amount, 44 billion dollars will go toward debt relief for all African countries, according to their plea. The ministers warned during a video meeting that the COVID-19 crisis is deep and that recovery will take a long time. In their meeting, the ministers focused on several main issues, including the health and humanitarian crisis; the need for debt relief and fiscal stimulus for all countries; liquidity relief to the private sector and in particular the service sectors, especially tourism, airlines and small  and micro enterprises. The ministers specifically called on the International Monetary Fund (IMF) to support the need for additional resources, recognising that the IMF plans to double access under its emergency financing facilities. Algeria, Egypt and South Africa are the three countries most affected by the spread of the virus so far. The Ministers also suggested that if the crisis were to continue, an additional 50 billion dollars may be needed for the recovery process in 2021 in anticipation of interest payments.


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...