Horticulture Exports Record 20pc Growth to $286m

Feb 5 , 2022

The export of horticultural products brought in 286 million dollars over the first half of the fiscal year. The figure is a 20pc jump from the revenues recorded over the same period last year. Flowers account for the majority of the earnings at 246.4 million dollars, according to the Ethiopian Horticulture Producer Exporters Association (EHPEA), which represents over 100 members. Vegetables and herbs shipped abroad brought in a little over 31 million dollars, while fruits generated revenues of nine million dollars. The performance is 12pc higher than what had been targeted. The industry lobby group decried the central bank's decision to slash foreign currency retention rates for exporters by half to 20pc last month. Cut-flower growers and exporters demand foreign currency to import inputs such as fertilisers, chemicals and packaging. The Association's leaders had written a letter to the central bank voicing the misgivings of their members and pleading with the authorities to treat "producer-exporters" differently from other traders.


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

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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...