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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Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


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Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


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Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...