Central Bank Disburses $100m to Private Banks

Jun 1 , 2019

The National Bank of Ethiopia disbursed 100 million dollars in foreign currency to the 16 private commercial banks. The allocation, which took into consideration their capital positions, was done to ease the shortage of forex for their clients. Among the banks, Dashen Bank has received 15.1 million dollars, while Berhan, Debub Global and Zemen banks have received 12.6 million, one million and four million dollars, respectively. “It shows that a new approach is coming to grips with the banking sector,” said Addisu Haba, president of the Ethiopian Bankers Association and president of Debub Global Bank. For a lasting solution to the problem, a solution based on studies and research should be taken, Addisu adds.


ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that pay...


AfDB, ADF to Chart Transformation Path at Diamond Jubilee

The African Development Bank (AfDB) and the African Development Fund (ADF) are gearing up for a major joint meeting in Nairobi, Kenya, expected to draw around 4,000 participants. The event, taking place at the Kenyatta International Conference Centre in late May, will focus on "Africa's Transformation," a theme reflecting the continent's ongoing pursuit of economic and social development. "Despite progress over the years, Africa's transformation remains incomplete," said Vincent O. Nmehielle...


Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hilton Hotel is behind the event that showcases the works of over 100 artists. Big Art Sale has been around for the past 18 years showcasing paints and prints. According to organisers, it offers a chance to meet the artists and enjoy a variety of art forms with a dedicated Kids' Corner and food and...