Ethiopia's Internal Displacement Tops Global List: Report Reveals

May 21 , 2022

Ethiopia recorded the highest number of internally displaced people (IDPs) of any country in 2021, according to a report published by the Internal Displacement Monitoring Centre. The armed conflict gripping the country's north since November 2020, and rising insecurity in other regions triggered the displacement of 5.1 million people, according to the report. It is three time higher than the number of IDPs recorded in 2020, and the highest annual figure ever recorded for a single country. The Centre estimates over 59 million people had been internally displaced in 2021 globally. Sub-Saharan Africa accounted for more than three-quarters of all IDPs forced to relocate by conflict and violence. The Centre is a non-governmental organisation established in 1998 by the Norwegian Refugee Council.


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...