Ministry Launches Revised Tariff Book

Aug 7 , 2021

The Ministry of Finance has launched a new tariff book – a price index of 8,000 international import items used to determine customs duty rates. The major change is that the revised book includes duty rates for specific products whereas the previous version applied rates to categories. Lowered tariffs on spare parts for locally-assembled products and raw materials for manufacturers have been granted in the new book. The revision process was conducted by a committee composed of members from the ministries of Finance, Trade & Industry, and Revenues along with the Customs Commission. The revisions are compatible with the tariff book used by the World Customs Organisation (WCO), which has 183 members, including Ethiopia.


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...



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...



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...