Financial institutions commence a training and research centre with close to 35 million Br paid-up capital. The new hub is expected to create skilful employees in the financial sector to curb the competence issue leading to proficiency in the market. Nine banks, nine insurance companies, a microfinance institution and individuals in the financial services are the shareholders of the centre dubbed Capital Financial Excellency Centre. The opening ceremony held at the Hilton Hotel last week saw the attendance of Mamo Mihretu, governor of the National Bank of Ethiopia. Executives disclosed the new centre would make way for developing the capabilities of finance workers and uplift their competitiveness internationally. The financial sector has been operating under a financial repression framework used by the government for managing its monetary and foreign exchange policy and financing large infrastructure projects and state-owned enterprises. A World Bank report suggests that the framework has led to the build-up of large macro-financial imbalances, including fiscal dominance, pressures on inflation, the overvaluation of Birr, and a chronic shortage of foreign exchange.
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