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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 the past three years. The change follows the conclusion of the first review of a four-year program agr...

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 a difficult period the industry is going through. Yohannes, recognised for steering the Development Bank of Ethiopia (DBE) out of financial turmoil and restoring its viability, assumed his new role on September 13. Yohannes resigned recently from the DBE, the state policy bank, recently, signalling a shift in his career, joining the private sector. He told last week that he has no plans to retu...


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 involves all the 31 commercial banks. The announcement was made at an exhibition promoting remittances, held at the Sky Light Hotel on September 5. The event, attended by bank CEOs and Central Bank officials, unveiled the authorities' desperate focus on tapping remittances as a source of foreign currency. The strategy, dubbed the "Debo Campaign," demonstrating the federal government's desire...


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 top executives, were detained by the Addis Abeba Police yesterday, August 30, 2024. The arrests were made on allegations of involvement in a controversial financial scheme. The company's marketing strategy has recently garnered attention for its unconventional and controversial approach. Purpose Black offered shares with an enticing twist. Each share purportedly came with ownership of a thr...

News Alert

Aug 21 , 2024

Ethiopian Airlines, Alibaba's AliExpress to Launch Partnership, Testing the Nascent E-Commerce

Ethiopian Airlines Group is set to leverage its logistic hub to distribute products of AliExpress, the Chinese online retail service. An official launch of AliExpress in Ethiopia is set for tomorrow,...

Aug 21 , 2024

Melaku Kebede Retires from Hibret Bank

Melaku Kebede, the fifth president of Hibret Bank, is stepping down after two decades of career in the company. Following a tenure of nearly four years as the head of one of the pioneer private banks...

Aug 8 , 2024

Ethiopia Opens Doors to Independent Forex Bureaus

The first wave of applications by private operators has begun to capitalise on the opportunity to establish independent foreign exchange bureaus, following the central bank's recent directive allowing...

Jul 26 , 2024

Parliament Declares National Mourning for Landslide Victims in Gofa Zone

Parliament has declared a three-day national mourning period commencing tomorrow to honour the memory of hundreds who lost their lives in a catastrophic landslide in Gofa Zone, Southern Ethiopia Regio...

Jul 16 , 2024

Ethiopia, UAE Sign Currency Swap Deal

An agreement that allows the exchange of loans and interest payments between Birr and Dirham, Emirates' national currency, has been signed between the National Bank of Ethiopia (NBE) and the Central B...

Jul 10 , 2024

Ethio telecom Dominates Industry With Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since th...

Jul 9 , 2024

Governor Mamo Champions Interbank Open Market Operations, Targets Price Stability

Central Bank Governor Mamo Mihretu will launch into two days a market operation for the banks to trade their liquidities, formalising what was an ed hoc exchange between them. Industry observers see t...

Jun 27 , 2024

Habesha Cement Makes Astonishing Rebound from Ruin

Habesha Cement S.C. has marked a milestone in its history with a remarkable turnaround in its operation in 2023. The company recorded its first-ever profit before tax of 1.03 billion Br, an astonishin...


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Birr's Unmoored Descent Threatens to Drown an Economy Awash in Debt

Not long ago, the sight of exchange bureaus in Addis Abeba was as rare as a cloudless day...

Editorial | Oct 5 , 2024

Beyond Borders Ethiopians' Journey to Healing

Nine months ago, Worku Hailu found himself in India, thousands of kilometres from home, un...

Featured | Oct 6 , 2024 . By HAWI LEGESSE

Addis Abeba University's Autonomy Shuts the Door on Brightest Minds

For as long as he could remember, 18-year-old Menase Samuel had dreamed of studying softwa...

Agenda | Oct 6 , 2024 . By BEZAWIT HULUAGER

TRADITION COLOURS CITY'S EVOLVING PULSE

On Saturday, October 5, 2024, Mesqel Square transformed into a vibrant venue for colour an...

Fortune News | Oct 6 , 2024

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