Banking Industry Allows Diaspora Investors

August 3 , 2019


Banking Industry Allows Diaspora Investors

Lawmakers legislated a proclamation that allows Ethiopian natives of foreign nationalities to invest in the banking sector. The bill was legislated last week during the emergency parliamentary session that was called after members of parliament went on recess. Beyond buying shares in banks, the new law will enable the Ethiopian diaspora to form new banks, including full-fledged interest-free banks. Two years ago, the central bank ordered all private banks and insurers to return the share certificates of foreign shareholders and auction off the shares for public subscription. The Central Bank also stated that the amount of money offered above par value has to go to the national treasury. Since then, all of the banks and insurance companies have auctioned off the shares owned by Ethiopian-born diaspora.


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Youth in the National Theatre area are waiting for the bus to start moving. They have found a handle to grab and accelerate them ones its starts moving as they ride their skateboard. Although skateboarding is nearly unheard of in Ethiopia, over the past few years, young people have developed a taste for it. Safety, though, leaves a lot to be desired...