Banks Disburse 55b Br in Loans

October 24 , 2020

All of the banks in the country have disbursed 55 billion Br in loans over the first quarter of the current fiscal year, of which 85pc of it is pledged to the private sector. During the reporting period, the average lending rate of the banks stood at 14.3pc, while the average savings rate was recorded at eight percent. In the first quarter of this fiscal year, 105 million Br in new savings were mobilised, a six-fold rise compared to the same period of the previous year. After the central bank introduced new banknotes, a total of 1.2 million new bank accounts have been opened, mobilising a total of 37 billion Br. However, loan repayment has shown a decline due to the negative impacts of the Novel Coronavirus (COVID-19) pandemic, according to Yinager Dessie (PhD), governor of the central bank, which amended 47 laws in the past three months. The central bank has also issued a permit to the nation's first full-fledged interest-free bank -- ZamZam Bank. Currently, there are 16 operational private commercial banks and two-state owned banks.


UNDP Nods $2m for National Dialogue

United Nation Development Program (UNDP) has signed an agreement with the Ministry of Finance and National Dialogue Commission, allocating 2.2 million dollars for the upcoming national discussion. Managed by an independent trust fund, and in addition to the annual budget allocated by the Ethiopian government, UNDP is looking to set up a financial buffer scheduling to raise 32.8 million dollars in support funds from development partners over the next three years. The Dialogue Commission was est...


Street Snack

The rainy season is going to be missed for at least one reason: boiled corn on the cob. As the customer captured here, it has been an enjoyable street food for the city's residents to keep them warm. More importantly, it was a livelihood for many street vendors. ...


Stair Shop

A shop and a shoeshine stall have been set up under the stairs of an overhead bridge. In the most crowded parts of Addis Abeba, there is always some type of vendor selling everyday goods, serving the lower-income population...