ECX Transacts 17.5b Br in Six Months

Feb 1 , 2020


Ethiopia Commodity Exchange (ECX) traded 338,253tn of commodities worth 17.5 billion Br in the first half of this fiscal year. The amount exceeds the target set for the period by five percent and has shown a 28pc rise compared to the same period last year. Among the commodities ECX traded, coffee accounted for 45pc; sesame, 31pc; soya beans, 10pc; green mung beans, eight percent; and white beans, five percent. Green mung beans were recently added to the Exchange's trading platform. During the reporting period, two electronic trading centres in Hawassa and Humera transacted 25 million Br worth of coffee and 124 million Br worth of sesame. Over the past eleven and a half years, buyers have deposited a total 255.3 billion Br in the purchasing accounts of the Exchange, while 247.5 billion Br has been paid to buyers via the exchange. The ECX also works jointly with 17 banks in Ethiopia to facilitate its payment options.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...