MPs Raise Concern Over Budget Transfer to Human Rights Commission

May 31 , 2020


[ssba-buttons]

Lawmakers raised concerns over the new proposed procedure that allows the deposit of the entire budget of the Human Rights Commission with a month of the parliament legislating the federal budget. The existing law states that the Commission's budget should be deposited at the National Bank of Ethiopia, or at another bank designated by the NBE, and shall be utilised in accordance with financial regulations of the government for implementing the Commission's objectives. The newly drafted establishment proclamation of the Commission proposed that the money shall be transferred to the Commission's account within a month after the federal budget is approved by the parliament. The draft was submitted during the session that was held at the end of last week in the presence of 298 members. However, some MPs doubt the country can afford to inject any kind of money after the economic devastation caused by the pandemic. The draft has also restructured the nominations of the committee members by adding new members from the National Election Board of Ethiopia, the Ethiopian Academy of Science, civil society organisations, and another member to be elected by the joint agreement of opposition parties and given a seat in the House.


Radar

Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...


Radar

NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...


Radar

SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...