Gold Boosts Mining Revenues

Jan 3 , 2021

Increasing market prices for gold, which accounts for over 90pc of mining exports, bolstered mining export revenue to 303 million dollars in the first five months of this fiscal year. The Ministry of Mines & Petroleum attributes the increase in earnings to the disruptions and border closures due to the Novel Coronavirus (COVID-19) pandemic, which have edged out the small players in the industry and allowed the formal sector to thrive. The revenues generated surpassed the amount for the last fiscal year, which stood at 207 million dollars and over six times the amount recorded in the 2018/19 fiscal year. The Ethiopian mining sector, which produces significant amounts of sapphire, limestone, salt, pumice, and tantalum, encourages investment in the sector through duty and tax exemptions among other advantages.


Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...