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Feb 3 , 2023

Country Generates $1.75b from Foreign Trade: Ministry

Revenues from foreign trade have reached 1.75 billion dollars in the first half of the fiscal year, officials of the Ministry of Trade & Regional Integration (MoTRI) disclosed. This represents close to half of what the country received in export proceedings last year, signalling that this year's...

Feb 2 , 2023

CBE Sires 13b Br Profit in 2Q, Inches Closer to a Trillion Birr Threshold

The state-owned Commercial Bank of Ethiopia (CBE) has disclosed a second-quarter gross profit of 13 billion Br, showing a 13.9pc increase from the same period last year. However, the Bank is about to break a record of surpassing a trillion Birr threshold in its aggregate deposits, reaching 978.8 billion Br last week. "We'll pass a trillion Birr in a couple of weeks," said Abie Sano, president of the CBE. CBE opened 55 new branches this year, bringing 2.2 million new depositors on board through a network of 1,879 branches. The Bank has increased its customer base by 6.1pc to 38.1 million, of...


Feb 2 , 2023

Capital Market Authority Poises to Issue Licenses

Authorities at the Ethiopian Capital Market Authority are poised to issue 16 business license types when a draft directive finishes the regulatory grail in two weeks. Brook Taye, the Authority's director, disclosed this at a panel the Addis Abeba Chamber of Commerce & Sectoral Association is hosting on capital markets today at the Skylight Hotel on Africa Avenue. Partnered with the Authority and the Ethiopia Security Exchange (ESE), the metropolitan chamber has lined up a list of speakers to address issues of law and service providers when the capital market becomes functional. Hana Tedl...


Feb 1 , 2023

Abyssinia Bank Moves Forward with Digital Loan Automation

The Bank of Abyssinia (BoA) has hired an Indian-based tech vendor to provide banking solutions facilitating microloans. The Bank is to acquire the banking solution from Newgen Software Company, which won an international bid on December 22, 2022. Over 10 companies have shown interest in the bid, which opened four months ago. Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Abyssinia Bank, signed an agreement today, February 1, at the Bank's headquarters, on Churchill Avenue. The solution provider has committed to completing the project in six...

News Alert

Forex Retention Ratio Under Consideration

The foreign exchange ratio where the central bank appropriates 70pc of earnings by importers to the public sector is under review, disclosed a senior federal government official. Hassen Mohammed, s...

Jan 30 , 2023

Ministry, European Business Lobby Form Committee to See Through Policy Recommendations

Officials of the Ministry of Industry and leaders of the Europan business lobby in Ethiopia have agreed to form a joint committee to implement policy recommendations the later tabled today at the Hyat...

Jan 26 , 2023

Ministry Lids Cement Retail Price 

The retail price of cement in the capital is set to be below 1,200 Br. The Cement Manufacturers Board announced prices for distributors and retailers, complying with a directive of the Ministry of Tra...

Jan 17 , 2023

Central Bank Thwarts Abyssinia's "Apollo" Digital Launch

Regulators at the central bank thwarted a scheduled launch of "Apollo", a pioneering end-to-end digital banking service developed by the Bank of Abyssinia (BoA). It was to be held at the Hyatt Regency...

Jan 17 , 2023

Parliament Appoints New Chief Justice

Tewodros Mihret, former assistant professor at the Legal Services Department of Addis Abeba University, becomes the new Chief Justice, replacing Meaza Ashenafi. The Parliament has approved the commis...

Jan 17 , 2023

Ethio-Engineering Group Change Guards

Sulieman Dedefo becomes the new Chief Executive Officer of Ethio- Engineering Group (EEG). The former ambassador to Djibouti and the United Arab Emirates (UAE) was appointed by the Board Management e...

Jan 11 , 2023

Fed, Regional States Recieve Pass to Legislate Property Taxes

The right to impose taxes on property ownership is granted to regional states after a joint session of Ethiopia's legislative houses passed a resolution today. Members of the two houses have voted...

Jan 10 , 2023

City Suspends All Land-Related Services, Again

Officials of the Addis Abeba City Administration have suspended all land-related services beginning yesterday, January 9, 2023. Kenia Yadeta (PhD), chief of the Addis Abeba Land Management Bureau, si...


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