FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo


Oct 4 , 2024

Central Bank Injects $175m to Ease Forex Crunch During Fuel Import Strains

The Central Bank has injected 175 million dollars into the foreign exchange market responding to a severe forex shortage that threatens fuel imports and economic stability. The National Bank of Ethiopia (NBE) announced yesterday that it sold the dollars to commercial banks to assist the Ethiopian...

Oct 2 , 2024

Nib Bank’s Short-Lived CEO Finds a New Home at DBE

Finance Minister Ahmed Shide appointed Emebet Melese (PhD), who helmed as president of Nib Bank in May this year, to lead the Development Bank of Ethiopia (NBE), effective October 11, 2024. Emebet succeeds Yohannes Ayalew (PhD), who stepped down several weeks ago after a four-year tenure. He was credited with steering the state-owned bank away from financial turmoil and restoring its credibility. DBE's turnaround began after the Council of Ministers approved a capital injection of 28.5 billion Br. The Central Bank also mandated that all commercial banks purchase bonds the DBE issues equival...


Oct 2 , 2024

Central Bank Grants Forex Bureau Permits to Five Non-Bank Operators

The National Bank of Ethiopia (NBE) has granted licenses to five private non-bank entities to operate in the foreign exchange market, in a groundbreaking move to liberalise a tightly regulated forex regime. This marks the first time such permissions have been extended beyond traditional banks, a potential turning point in addressing the acute foreign currency shortage. The newly licensed operators - Dugda Fidelity Investment Plc, Ethio Independent Foreign Exchange Bureau, Global Independent Foreign Exchange Bureau, Robust Independent Foreign Exchange Bureau, and Yoga Forex Bureau - are expe...


Aug 7 , 2024

Central Bank Sets Winning Forex Rate at 107.9 Br for a Dollar

The National Bank of Ethiopia (NBE) concluded its special foreign exchange (FX) auction today with a weighted average rate of 107.9 Br for Dollar, recieving bids from 27 banks. In a statement he issued today, Governor Mamo Mihretu stated the effort to narrow the gap between official and parallel market rates, marking a critical step towards exchange rate stability. This development is seen as a cornerstone of the NBE's broader macroeconomic reforms targeting volatile foreign exchange transactions into the formal banking sector. The Governor also noted the encouraging rise in FX transaction...

Breaking News

Aug 6 , 2024

Central Bank Launches High-Stake Auction to Quell Dollar Demand

The National Bank of Ethiopia (NBE) is set to launch a Special Foreign Exchange Auction tomorrow, August 7, 2024, designed to stabilise the shaky forex market. The move comes in response to the mounti...

Jul 31 , 2024

Forex Market Liberalisation Sparks Birr Rollercoaster

The Birr has experienced a dramatic and turbulent shift against the US Dollar over the past week. Initially closing at a selling rate of 58.6 Br last week, it saw a drastic depreciation, amounting to...

Jul 30 , 2024

Ethiopia Secures $1.5b in World Bank Aid to Propel Economic Reforms

The World Bank's board of executive directors has given the green light to a financial aid package for Ethiopia, to power the country's economic reforms and accelerate its economy. The support, combin...

Jul 29 , 2024

IMF Greenlights $3.4b Facility for Ethiopia

The International Monetary Fund (IMF) has approved a groundbreaking four-year arrangement, granting the country 2.55 billion in special drawing rights (SDR), roughly 3.4 billion dollars, under the Ext...

Jul 29 , 2024

US Dollar Soars against Birr Following Central Bank’s Bold Policy Shift

In an extraordinary turn of events, the US Dollar surged against the Birr, reaching 74.7 Br in cash buying rates as of today, July 29, 2024. Selling rate is at 76.2 Br for a dollar. The state-owned Co...

Jul 29 , 2024

Ethiopia Lifts Foreign Exchange Restrictions in Sweeping Reform

In a momentous departure from its erstwhile tightly controlled policies, the National Bank of Ethiopia (NBE) has granted permission to commercial banks to freely negotiate foreign currency exchange ra...

Jul 28 , 2024

Ethiopia Unshackles the Birr from Decades of Control

The National Bank of Ethiopia (NBE) is set to revolutionise the country's foreign exchange market with a new directive that grants banks and authorised foreign exchange dealers the autonomy to set the...

Jul 28 , 2024

Ethiopia Unleashes Market Forces in Historic Forex Liberalization

In an unprecedented shift in economic policy, Ethiopia has announced the liberalisation of its foreign exchange market, a move set to take effect on Monday, July 29, 2024. For the first time in over h...


Most read

Columns

Commentaries | Oct 05,2024

Africa's Food Security Depends on Adaptive Crops

Life Matters | Oct 05,2024

Playgrounds of Neglect

My Opinion | Sep 28,2024

Lofty Ambitions Meet Unflattering Realities in Education Reform

Sunday with Eden | Oct 05,2024

Heedless Urban Development, Neglect Turn Streets into Lethal Hazards

Agenda | Oct 06,2024

Addis Abeba University's Autonomy Shuts the Door on Brightest Minds

Editorial | Oct 05,2024

Birr's Unmoored Descent Threatens to Drown an Economy Awash in Debt


         ADVERTISEMENT

Read More

Birr's Unmoored Descent Threatens to Drown an Economy Awash in Debt

Not long ago, the sight of exchange bureaus in Addis Abeba was as rare as a cloudless day...

Editorial | Oct 5 , 2024

Beyond Borders Ethiopians' Journey to Healing

Nine months ago, Worku Hailu found himself in India, thousands of kilometres from home, un...

Featured | Oct 6 , 2024 . By HAWI LEGESSE

Addis Abeba University's Autonomy Shuts the Door on Brightest Minds

For as long as he could remember, 18-year-old Menase Samuel had dreamed of studying softwa...

Agenda | Oct 6 , 2024 . By BEZAWIT HULUAGER

TRADITION COLOURS CITY'S EVOLVING PULSE

On Saturday, October 5, 2024, Mesqel Square transformed into a vibrant venue for colour an...

Fortune News | Oct 6 , 2024

Back
WhatsApp
Telegram
Email