Market Forces to Drive Gemstone Trade: Ministry

Jun 25 , 2022


The Ministry of Mines has announced it is removing government-set export and standard rates for gemstones in a bid to boost earnings and simplify supply chains. The export of gemstones such as opal, sapphire, and emerald have been a growing source of foreign currency in recent years, though they trail far behind gold. The export of gold brought in over 670 million dollars last year, while other minerals shipped abroad brought in less than five percent of the amount. Sapphire deposits were discovered in the Tigray Regional State in late 2016. Emerald can be found in various parts of the country, including the Guji Zone of Oromia Regional State. The export of the two precious stones brought in over seven million dollars in 2017. As with gold, artisanal miners extract the majority of gemstones in Ethiopia.


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Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...


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ROLLING CREDIT

Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...


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SPREADING HORIZONS

Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...