NBE Mandates Banks Erect Disaster Recovery Data Centre


NBE Mandates Banks Erect Disaster Recovery Data Centre

Last week, regulators at the National Bank Of Ethiopia (NBE) introduced a new directive that obliges commercial banks to build a recovery data centre. The directive dictates the data centre needs to be disengaged from the banks' primary IT centres, at least 120Km away from the main site. In the event that banks experience an incident that could have significant implications for their services or financial standing, their executives are required to inform the NBE's banking supervision directorate within two working days. Commercial banks are also required to automate their core business processes and make them interoperable with one another to ensure automated data sharing. All commercial banks are operating with a core banking system. Several banks are using systems supplied by Oracle, a software company based in the US. Core banking systems supplied by Temenos, a software company based in Switzerland, are also widely used. The NBE stipulates that banks must revise their IT risk management policies intermittently.


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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...


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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...


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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...