Central Bank Amends Gold Premium Fee

May 6 , 2023

The premium fee for gold miners has seen up to a 60pc increase from the international price. The officials at the National Bank of Ethiopia (NBE) has decided to increase the fee following a discussion with the board members last week. The newly set premium prices entail 35pc for supplies weighing up to 150 grams, 52pc for a kilogramme and 55pc for five kilogrammes. The central bank raised the premium fee for artisanal miners from 29pc to 35pc last year. Despite resource availability, foreign currency earnings from gold exports have been declining. Governor Mamo Mihretu cited security issues and contraband trade as the main reasons. He said a task force led by the Information Network Security Agency is in place to secure the areas, increase production and enforce legal trade. Officials hope to encourage artisanal miners to enhance their gold production with the new stipulation. The governor also dismissed insinuations of an impending one-time currency devaluation as unfounded. A tight monetary and fiscal policy marked by a decrease in the supply of credit availed to the government was indicated as the governor's impending strategy of the central bank. As monthly inflation rates climbed to 34pc, the tight clamp down on the money supply was insinuated as holding the promise of bringing down the galloping inflation. The combined tightening of monetary, fiscal and lending priorities is expected to alleviate the forex crunch. The governor also regarded the 69pc increase in lending by commercial banks as indicative of the positive results that have been brought about over the last nine months.



A street lamp around Addis Abeba Stadium melds into the concrete backdrop emblematic of the capital's ageing infrastructure. Over the past few years, Ethiopia's electric grid has been subject to destruction and theft, subjecting the public treasury to hundreds of millions in losses. Nearly half of the country's population does not have access to electricity. A series of projects by the World Bank has contributed to the slight but essential upgrade to the nation's grid, including a 500 million do...



A trio of donkeys drag along the main road in front of Menlik School around the Arat Kilo area. While the four-legged domestic animal is a venerated member of the Ethiopian labour force, its skin and meat are increasingly valued in the international markets. Rhong Chang, a donkey slaughterhouse operating in Assela Town, Oromia Regional State reopened its services after a seven-year break two years ago. Public outroar has often accompanied the entrance of donkey abattoirs into Ethiopia since anot...



A bustling market emerges under a bridge in the boroughs of the Bole Michael area. Addis Abeba City Administration has launched a series of aesthetic initiatives embalmed in themes of beautification and urbanisation that have removed thousands of shops built with makeshift tents. Above a quarter of Addis Abeba's labour force is engaged in the informal economy, which while often associated with connotations of illegality, remains a sizeable employer in emerging economies across the world. Calibra...