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

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...