NBE Extends Birr Changeover Deadline in Tigray

Mar 6 , 2021


[ssba-buttons]

The National Bank of Ethiopia (NBE) has extended the window to exchange old banknotes for new ones in Tigray Regional State until March 19, 2021. People who are still holding the old notes will have to make the change at a bank branch that is still operational in the region between March 8 and March 19. Changing Birr notes has been problematic due to the ongoing war in the Regional State, and the NBE had previously extended the changeover deadline for cash amounting to less than 100,000 Br by 14 days. Banknotes of 10, 50 and 100 Br denominations were exchanged for new versions in mid-September last year. The government also introduced the 200 Br denomination. The rest of the nation changed the notes by mid-December of last year. Across all regional states, transactions using the old notes were outlawed on December 1, 2020, which was about a month after the war in Tigray broke out.


Radar

Central Bank, Global Alliance Partner to Enhance Sustainable

The National Bank of Ethiopia (NBE) recently hosted a high-level meeting with representatives from the Global Alliance for Banking on Values (GABV) and selected member banks in anticipation of the 17th GABV Annual Meeting scheduled in Uganda. The meeting convened commercial bank representatives from Ethiopia, alongside a delegation comprising six GABV members, including Centenary Bank and Opportunity Bank Uganda, Amalgamated Bank, Sunrise Banks, City First Bank, and Merkur Cooperative Bank. G...


Radar

Commercial Bank of Ethiopia Adjusts Loan Interest Rates Amid Market Reforms

Commercial Bank of Ethiopia (CBE) has announced adjustments to its loan interest rates, effective March 7, 2025. Bank executives cited rising deposit mobilisation costs and the need to align with market standards as key factors influencing the decision, despite successful internal reforms that have reduced operational expenses. Executives noted that these adjustments are crucial for maintaining its competitive edge and ensuring the continued delivery of efficient services to its clientele. ...


Radar

Chemical Corp Posts Substantial Revenue, Profit Growth in 1Q

The state-owned Chemical Industry Corporation recorded a revenue of 2.53 billion Br in the first half of the 2024/2025 financial year. The Corporation reported a profit before tax of over half a billion Birr, which marks a considerable 182.6pc increase compared to the same period last year. Company officials attributed the growth result to enhanced market reach, effective cost-cutting measures, and optimisation of plant capacity utilisation. Year-on-year revenue growth was noted across variou...