Immigration Services Comes Bearing Passports for New Year

Sep 10 , 2023

Ethiopians who were forced to postpone or cancel their travel plans for over six months can finally get services as 190,000 passports were availed last week. Immigration & Citizenship Services has been a major source of frustration for both locals and non-nationals lack of digital literacy and corruption were cited as reasons. About a couple of months ago, a reform through the Service had Selamawit Dawit appointed as the director general. Her first role was compounded with addressing contractual issues with international suppliers. "It has been addressed," she said, during a press conference held at Skylight Hotel, Airport Road. She disclosed that about 16,712 booklets were sent to the Middle East through embassies while the Service offers Saturday appointments for close to 300,000 citizens awaiting to renew their passports.


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...