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Dec 20 , 2024

Ahadu Bank’s President Resigns as Recovery Takes Hold

Ahadu Bank's President, Sefialem Liben, has resigned, with the Bank's board of directors accepting his departure on December 14, 2024. Vice President Sisay Gebru has taken charge as acting president pending approval by the National Bank of Ethiopia (NBE), which is expected to come within two weeks,...

Dec 17 , 2024

Parliament Approves Law Allowing Entry of Foreign Banks

Parliament has approved the Banking Business Proclamation, permitting foreign banks to enter and operate in Ethiopia. The new legislation allows foreign banks to establish subsidiaries, purchase shares in local banks, and open branches or liaison offices. However, the law prohibits foreign investors from owning more than 40pc of shares in local banks. It also limits the combined shareholding of foreign nationals and foreign-owned Ethiopian organizations to 49pc of a local bank's total shares. The law stipulates that foreign banks can employ foreign nationals as senior executives but mand...


Dec 17 , 2024

Parliament Grants Greater Autonomy to National Bank

The Parliament has approved a new proclamation that strengthens the National Bank of Ethiopia's (NBE) autonomy, granting it independence over monetary policy and foreign exchange management. The proclamation allows the central bank to exercise its powers and functions and make monetary policy without external interference, limiting the executive branch's influence over the Bank. However, despite its greater statutory independence, the central bank remains accountable to the Prime Minister. A key provision of the proclamation caps the government's access to central bank financing. The law ...


Dec 13 , 2024

Securities Exchange Set to Launch in January

The Ethiopian Securities Exchange (ESX) is set to launch its first trading market in mid-January, 2025, promising to reshape the country's financial ecosystem. Located on the 18th Floor of the Nile Building in Addis Abeba's financial district, near Nib International Bank, on Abebe Aregay (Ras) St., the new marketplace has cleared a key regulatory requirement after the Ethiopian Capital Market Authority (ECMA) last week issued operational licenses covering both conventional securities exchange trading and over-the-counter activity. Officials say the opening will advance the nascent capital m...

News Alert

Dec 4 , 2024

Wealth Fund Shakes Up State Asset

Ethiopia's sovereign wealth fund has expanded its portfolio, incorporating a number of state-owned enterprises, bringing together 40 companies. Under the Ethiopian Investment Holdings' (EIH) manage...

Dec 3 , 2024

Surge in Illegal Checkpoints Plunges Khat Exports

Khat exports have nosedived over the past three months, a decline federal government officials attribute to a surge in illegal checkpoints that are disrupting trade routes and fueling contraband activ...

Dec 3 , 2024

Ethio telecom Teams Up with Djibouti Telecom, Sudatel to Launch Terrestrial Internet Network

Ethio telecom has partnered with Djibouti and Sudatel telecoms to launch the Horizon Fiber Initiative, an ambitious project to establish a terrestrial fiber-optic network linking Djibouti, Ethiopia, a...

Nov 21 , 2024

Council Nods for 581b Br Supplementary Budget, Pushing Total Federal Spending to Historic 1.5 Trillion Br

The Council of Ministers approved a supplementary budget of 581 billion Br, hoping to accommodate increased public expenditures across various sectors fuelled by an aggressivly depreciated Birr. The s...

Nov 7 , 2024

Cracking the Code, Digital Payments Get a Dose of Sanity

Consumers will be able to make digital payments to merchants using any participating bank or payment provider, regardless of which entity generated the QR code, beginning in December 1, 2024. Regul...

Oct 31 , 2024

Prime Minister Hails First Quarter Export Performance

For the first time, the export of goods, valued at 1.5 billion dollars, surpassed that of service exports, which came in at 1.6 billion dollars, disclosed Prime Minister Abiy Ahmed (PhD). Gold and cof...

Oct 29 , 2024

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet level positions today with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the...

Oct 18 , 2024

Prime Minister Abiy Appoints Gedion as a Foreign Minister

Prime Minister Abiy Ahmed (PhD) has made changes to his cabinet today, including the appointment of Gedion Timotheos (PhD) as the new minister of Foreign Affairs. This appointment fills the vacancy cr...


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Columns

Commentaries | Dec 22,2024

Fossil Fuels Arent Going Anywhere Despite Great Energy Transition Myth

Life Matters | Dec 21,2024

Inadequate Regulation Leaves Tenants Vulnerable to Arbitrary Rental Hikes

My Opinion | Dec 21,2024

Universal Human Rights Should Prevail Over Sovereignty's Fragile Facade

Sunday with Eden | Dec 21,2024

Overcoming Emotional Impulses in Decision-Making

Agenda | Dec 22,2024

Fuel Supply Halts as Parallel Market, EV Push Leave Regions, Investors in the Lurch

Editorial | Dec 21,2024

Addis Abeba's Gleaming Facade Masks a Parched Metropolis


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Addis Abeba's Gleaming Facade Masks a Parched Metropolis

The main avenues and thoroughfares of Addis Abeba have undergone an impressive facelift th...

Editorial | Dec 21 , 2024

E-bikes' Flat Tyre Seeks Authorities' Goodwill

For Netey Tesfaye, an electric bike offered a chance at a decent living, delivering goods...

Featured | Dec 15 , 2024 . By KALKIDAN NEGASH

Fuel Supply Halts as Parallel Market, EV Push Leave Regions, Investors in the Lurch

Africa Oil Plc has five of its stations denied fuel supply by the Ethiopian Petroleum Supp...

Agenda | Dec 22 , 2024 . By AKSAH ITALO

Banks Scramble to Reopen After Harer City Shuts Over Forty Branches

The Harer city administration has shut down 43 bank branches, including those of Commercia...

Fortune News | Dec 22 , 2024 . By AKSAH ITALO