Fuel Truckers, Ministry Reach Agreement

Apr 9 , 2022

Officials at the Ministry of Transport & Logistics say they have reached an agreement with the Ethiopian Bulk Fuel Transport Owners Association over the adjustment of tariffs paid for the transport of fuel from ports in Djibouti. Earlier this month, leaders of the lobby group had threatened to go on strike if the government did not review tariffs, which they say are too low to cover growing operational and maintenance costs. The truck owners are paid 75,000 Br to transport fuel from Djibouti to Addis Abeba. A study conducted by the lobby group recommended the tariff be increased to over 100,000 Br. A letter to the Ministry, signed by Tsega Asamere, head of the Association, reads the trucks will continue providing their services following “an understanding” with officials. Neither the letter nor the Ministry's officials have disclosed whether the tariff has been adjusted.


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...