Lawmakers Approve Supplementary Budget, for Second Time in Ending Year

Lawmakers Approve Supplementary Budget, for Second Time in Ending Year

May 29 , 2020

Ethiopia's lawmakers today approved a supplementary budget amounting to 48.6 billion Br for the second time in a year that is ending. Close to 298 MPs voted on the supplementary budget bill unanimously. A large chunk of the amount, 38 billion Br, is directed to pay for food support to 30 million members of vulnerable groups and procure additiona...

== Ethiopia's lawmakers today approved a supplem...

Ministry Offers 40pc of Ethio Telecom's Stake for Acquisition

Ministry Offers 40pc of Ethio Telecom's Stake for Acquisition

May 21 , 2020

The Ministry of Finance has decided to transfer 40pc of Ethio telecom to private owners, a decision that will allow the government to retain a majority holding of the company. The Ministry is also in the process of hiring a transaction advisor that will oversee the partial privatisation process of the over-a-century-old company and shepherd it f...

== The Ministry of Finance has decided to transf...

Ethiopia Releases Expressions of Interest to Issue Two Telecom Licenses

Ethiopia Releases Expressions of Interest to Issue Two Telecom Licenses

May 21 , 2020

The government has started the long-anticipated telecom liberalisation process by launching the request for Expressions of Interest (EOI) to issue two new telecommunications licenses. The Ethiopian Communications Authority (ECA) launched the request for EOI this afternoon by inviting international companies to take part in the monopolised teleco...

The government has started the long-anticipat...

Central Bank Hopes Cash Withdrawal Limits Promote Non-cash Payment Instruments

Central Bank Hopes Cash Withdrawal Limits Promote Non-cash Payment Instruments

May 19 , 2020

The central bank's imposition of limits on cash withdrawals by savers and businesses targets payment instruments other than cash, thereby mitigating liquidity crunches and reducing note printing costs, as well as fighting fraud, its officials said today. The National Bank of Ethiopia's (NBE) directive released today limits daily and monthly cash...

The central bank's imposition of limits on ca...

Central Bank Set to Limit Cash Withdrawals

Central Bank Set to Limit Cash Withdrawals

May 19 , 2020

The National Bank of Ethiopia (NBE) is drafting a circular that will limit the daily and monthly cash withdrawals for individuals and businesses. The circular that is in the making limits an individual's daily and monthly transactions to 100,000 Br and half a million Birr, respectively, while businesses will be allowed to withdraw a maximum of 200...

The National Bank of Ethiopia (NBE) is drafti...

Abay Latest in Interest Rates Cuts for Businesses Hit Hard by COVID-19

Abay Latest in Interest Rates Cuts for Businesses Hit Hard by COVID-19

May 15 , 2020

Abay Bank has becomes the latest private bank to slash commercial loans for borrowers from the industries that are adversary affected by Novel Coronavirus (COVID-19). The interest rate cut ranges between 0.5 to three percentage points depending on the loan repayment schedules and the level of impact the pandemic caused to businesses. Abay has joi...

Abay Bank has becomes the latest private bank...

Wegagen Joins Bandwagon on Interest Rate Cuts, Despite Central Bank Inaction

Wegagen Joins Bandwagon on Interest Rate Cuts, Despite Central Bank Inaction

May 14 , 2020

Wegagen Bank has followed its peers in cutting interest rates on commercial loans for borrowers in the hotel and tourism; tour and travel; and horticulture industries. These are industries the administration has identified are in dire conditions due to the Novel Coronavirus (COVID-19) pandemic. Wegagen is the latest in the growing list of commer...

Wegagen Bank has followed its peers in cuttin...