Ministry Embarks on Drafting Financial Services Code

Mar 19 , 2022


The Ministry of Justice is preparing a financial services commercial code that had been delayed when other commercial codes were approved last year. Officials say the code was held off as it requires more technical expertise and additional input from the experiences of other countries. During a launch meeting held at the Hyatt Regency last week, chaired by Alemante Agidew, a state minister for Justice, the team leading the drafting process presented its work plans and detailed the support it needs from players in the financial sector. The Ministry is looking to involve experts from the Commercial Bank of Ethiopia (CBE), the Ethiopian Insurance Corporation, the banking and insurance supervision directorates at the central bank, and representatives from bank and insurance lobby groups in the process. Experts in attendance suggested the drafting process should be mindful of the expanding financial sector's needs, and called for due attention to input from industry lobby groups. Officials say they plan to complete the draft in six months' time.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...