Amhara Bank Leads Charge in Exchange Investment


Amhara Bank Leads Charge in Exchange Investment

Amhara Bank has emerged as a major player in the development of the stock exchange, acquiring a significant stake worth 90.6 million Br. This investment marks the largest holding among commercial banks, surpassing Awash Bank's 70 million Br. Chanyalew Demisse, Amhara Bank's interim president inked the agreement last week with Tilahun Kassahun, CEO of ESX, joining Zemen, Siinqee, Global Ethiopia, Awash, and Hibret banks. The government established the ESX to raise a total of 625 million Br from the private sector. The ESX has secured a substantial portion of its target funding with 275 million Br sourced from four state-owned enterprises under Ethiopia's Investment Holdings and FSD Africa. It is expected to launch next year and is positioned to play a transformative role in Ethiopia's economy.


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Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


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Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


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City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...