Days of Easy Merchandise Imports via Franco Valuta Over

Ahmed Shide, minister of Finance, has banned merchandise imports under the Franco Valuta scheme, a system that allows importers to use their foreign currency without involving the central bank. The ban, excluding machineries and industrial raw materials, comes as the federal government wrestles with a foreign exchange shortage and mounting trade imbalances. Officials argue that while the Franco Valuta scheme was initially intended to address forex shortages by facilitating essential imports, it has become a conduit for unregulated transactions undermining efforts to stabilise the Birr. I...

IMF Unleashes Lifeline for Ethiopia, But Foreign Exchange Woes, Debt Talks Cast Long Shadows

Ethio telecom Launches Historic IPO for 10pc Stakes

The state-owned Ethio telecom has launched the first Initial Public Offering (IPO) in half century, floating 10pc of its shares to the public. Attended by Prime Minister Abiy Ahmed (PhD), at the Sheraton, Taitu Street, today, the oldest telecom company in Africa has launched what its officials have lauded as an "inclusive wealth" initiative. Ethio telecom was first established 130 years ago under the reign of Emperor Menelik; today it has 119 billion Br in equity and a total asset reaching 215 billion Br...