Central Bank Orders Separate Commission Fees

Aug 4 , 2024


[ssba-buttons]

Banks are required to cease the collection of fees, commissions, or other charges when selling foreign exchange to their clients, and include the percentage of the transaction value in the spread between their buying and selling rates. The requirement imposed late last week by the National Bank of Ethiopia (NBE) sets exceptions for charges set in nominal terms for a few services related to Letters of Credit. Signed by Yenehasab Tadesse, director of foreign exchange & reserve management, the central bank stressed that this must not be equated with imposing any specific spread between banks' buying and selling rates or setting ceilings on the gap between these rates. Instead, NBE expects a competitive environment to prevail, ensuring fair practices without collusion in the setting of foreign exchange rates. Additionally, the existing exchange commission charged by the NBE will remain in place and continue to be collected by banks according to current practices and guidelines.


Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...