Millions In Damages To Capital's Roads

Aug 5 , 2023

Addis Abeba's roads have sustained over seven million Br worth of damages during the ended budget year, according to a report by the city's Roads Authority. Traffic lights, road signs, pedestrian rails and manhole covers sustained the bulk of damages that occurred through 135 highway accidents and 199 traffic collisions on tributary roads. Despite increasing restrictions on the type of vehicles allowed to enter main roads, accidents still pervade across highways. Motor insurance accounts for half of the gross premiums for insurance companies, with 15,000 traffic accidents reported nationally in 2021/2022. Data from Federal Police Bureau indicates that up to 300 deaths yearly occur on the capital's roads accounting for nearly a 10th of the total. According to the report, most of the accidents resulted from drunk driving while overspeeding and driving without a license contributed to the total impact.


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...