New Year Review Addis Fortune

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Dec 29 , 2022

The Year in Rear Sight

January Liquidity Crunch Casts Menacing Shadow Over Banking Industry The financial market is nervous, central bank authorities are relaxed, and industry executives remain sanguine over their prospects. Nonetheless, Ethiopia's banks are heading to a liquidity crunch due to sluggish deposit mobi...

Sep 10 , 2022

The Year's Biggest Stories

September Central Bank Eases Loan Freeze on Importers and Manufacturers Central bank regulators' decision to loosen restrictions on collateralized loans was the most-read article of September 2021. Central bank Governor Yinager Dessie (PhD) introduced a blanket freeze on collateralized loans the previous month, citing "economic sabotage." Regulators moved to exempt importers and edible oil producers from the freeze a few weeks later. The coffee industry and petroleum suppliers were granted exemption shortly afterwards. The freeze was eventually lifted completely in November that year...

Jan 2 , 2024

Ethiopia 2023: A Rollercoaster of Challenges and Triumphs

Path to Recovery The dawn of 2023 in Ethiopia was marked by a wind of revival, whispering promises of change. Tigray Regional State, which had endured a year-long siege, slowly embraced the return as telephone networks were live and Ethiopian Airlines resumed commercial flights. The buzz of anticipation hung in the air, transforming into a momentous surge in travellers that forced the Airline to add a second flight, turning a page on a chapter marked by adversity. Yet, as the wheels of progress turned, a formidable task of demobilising and reintegrating a quarter of a millio...

Jan 4 , 2022

A Year of Colossal Headlines

August Central Bank Orders Banks Freeze Loans The decision by the central bank to suspend all collateral-based loans in August 2021 was the most-read story of the year. The National Bank of Ethiopia (NBE) order to the senior executives of commercial banks was an unexpected measure communicated to them through text messages. The suspension included the disbursement of loans that had already been approved. The text messages did not specify how long the suspension was to last. Neither were officials at the central bank forthcoming to explain the rationale behind their abrupt measure. Acc...