Central Bank Exempts Petroleum Suppliers from Loan Freeze

Oct 30 , 2021


Regulators at the central bank have exempted petroleum suppliers from the freeze on collateralised loans imposed in August 2021. The exemption comes following an appeal from the Ethiopian Petroleum Supply Enterprise, which notified central bank officials that the freeze is impacting the country's oil supply. Petroleum dealers are not part of the exemption, but suppliers including NOC, Oil Libya and TotalEnergies will benefit. The suppliers are the latest to receive relief from the freeze. The central bank has allowed players in the coffee and sesame industries, buyer of banks' foreclosed properties, and bank employees to resume taking collateralised loans since it imposed the freeze.


Radar

E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Radar

Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Radar

Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...


Back
WhatsApp
Telegram
Email