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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 supplementary budget is earmarked for infrastructure development, social services, and economic stimu...

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. Regulators at the National Bank of Ethiopia (NBE) have mandated the adoption of a standardised digital payment QR code for all payment service providers, unifying the fragmented landscape of proprietary QR codes currently in use. NBE wants to see secure, interoperable, and consistent QR code transactions across the country. Earlier this year, it released the Interoperable QR Code Standard, detailing sp...


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 coffee were the leading export commodities, with gold accounting for half a billion dollars and coffee generating 760 million dollars. The Prime Minister is addressing members of Parliament, presenting his administration's three-month progress report and responding to questions from MPs. Among the successes highlighted by the Prime Minister was the strong performance of the country's export sector...


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 new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and minister of Justice. Joining him in the redeveloping cabinet is Hana Arayaselassie, appointed as minister of Justice, replacing her spouse, Gedion. S...

News Alert

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...

Oct 15 , 2024

Central Bank Caps Forex Trading Spreads at Two Percent, Tightens Fee Disclosures

The National Bank of Ethiopia (NBE) has revised its foreign-exchange policies, imposing a cap on currency trading spreads and compelling commercial banks to separately disclose foreign-exchange fees a...

Oct 8 , 2024

Gas Stations Brace for Price Surge as Fed Scales Back Subsidies

The federal government announced a rise in retail fuel prices, adjusting a litre of benzene to 91 Br and diesel to 90 Br. Retail fuel prices have surged dramatically over the past five years, drive...

Oct 8 , 2024

Ministry Opens Logistics Sector to Full Foreign Ownership

The Ministry of Transport & Logistics (MoTL) has fully opened the logistics and transport sector to foreign investors, a major policy shift boosting foreign investments, which the authorities hope...

Sep 28 , 2024

IMF to Unlock $345m in Loans, Concluding Ethiopia Deal’s First Review

Alvaro Piris, chief of the International Monetary Fund's (IMF) staff team, struck a bullish tone completing a two-week visit to Addis Abeba — an optimistic shift from his language of despair over th...

Sep 13 , 2024

Yohannes Takes the Helm at Amhara Bank’s High-Wire Act

The head hunt for the Amhara Bank S.C. has come to an end with its Directors' Board appointing Yohannes Ayalew (PhD) as its new president. Yohannes has been brought on board to steer the Bank through...

Sep 5 , 2024

Governor Mamo Bets Big on Remittance

Central Bank Governor Mamo Mihretu has launched a 100 billion Br loan program to increase remittances, a vital source of foreign exchange for the country. The Governor announced the initiative, which...

Aug 30 , 2024

Purpose Black's High-Rise Ambitions Hit Hard Ground Following Executives' Arrests

Purpose Black S.C. an aspirant real estate and grocery store chain investor, is facing a serious crisis as its newly appointed Chief Executive Officer (CEO), Ermias Birhanu (PhD), and three other to...


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