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Oct 3 , 2023

Ethiopian Securities Exchange Unveils Inaugural Board Ahead of Launch

In a seminal move poised to shift the terrain of Ethiopia's economic landscape, the Ethiopian Securities Exchange (ESX) has unveiled its inaugural board of directors, with preparations set to finalise within the ensuing three months. At the helm, former Zemen Bank VP, Hilaway Tadesse, will steer th...

Sep 29 , 2023

Fuel Prices Go High

Officials at the Ministry of Trade & Regional Integration have made an average three percent increase on the price of fuel, effective September 29, 2023. After only a month since the last adjustments were made, the statement from the Ministry indicates the price twig was necessary following an international oil market change. Following the adjustment, a litre of Benzine is 77.65 Br, up by 2.8 Br; a litre of Diesel goes for 79.75 Br,  while Kerosine is sold at 79.75 Br which increased by 3.41 Br. Jet fuel is sold for 70.83 Br a litre...


Sep 21 , 2023

Woman Takes Helm as Deputy in Shake-Up at Customs Commission

The Ethiopian Customs Commission (ECC) will see a change in its top ranks after Prime Minister Abiy Ahmed (PhD) appointed Muluwork Derese as the new Deputy Commissioner, succeeding Mulugeta Beyene. Muluwork, who has already reported to Commissioner Debele Kebeta, awaits her formal office induction. Beginning her professional journey post-graduation from Hawassa University with undergraduate studies in Statistics, she initially worked as an expert at the Sidama Zone's Revenues Bureau, in 2009. A brief stint as a Director of Women's Affairs for the Southern Regional State Administration was fo...


Aug 26 , 2023

Pioneer Fintech Tightens Grip on Digital Finance

Small and medium enterprises (SMEs) foresee collateral-free credit and microloans through the private money platform Kacha Financial Technologies which partnered with a couple of commercial banks to facilitate the service. The agreement with Nib Bank and the newly branded Global Bank of Ethiopia (GBE) envisions developing platforms for international transfers and digital saving schemes in the next five years. Kacha caps the momentous ceremony off at the Hyatt Regency Hotel on Africa Avenue (Bole Road), with another agreement its executives signed with the LendTech Group, a global technology...

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Aug 24 , 2023

Ethiopia's Prime Minister Lauds BRICS Entry as "Major Diplomatic Victory"

Technology, trade, military, and investment areas are the focus of partnership with the BRICS family, according to Prime Minister Abiy Ahmed (PhD), praising the spirit of the summit in Johannesburg...

Aug 24 , 2023

BRICS Enlarges Circle Adding Ethiopia, Others in Its Ford

BRICS, the coalition of five major emerging economies, has broadened its footprint, ushering in six new members, including Ethiopia. Argentina, Egypt, Iran, Saudi Arabia and the UAE have been added to...

Aug 16 , 2023

Private Telco Launches Mobile Money Service

Safaricom Ethiopia goes live with its M-Pesa service today. The company announced its mobile money service launch three months after receiving the Payment Instrument Issuer License from the central b...

Aug 11 , 2023

Central Bank  Announces Long Overdue Forex Retention Changes

The National Bank of Ethiopia (NBE) altered the forex retention and distribution rules, where exporters will have to surrender 50pc to the central bank and 10pc to the commercial banks. The changes a...

Aug 1 , 2023

World Bank President Observes Ethiopia's Economic SWAT Amidst Debt Servicing

World Bank President Ajay Banga visits Bole Lemi Industrial Park to "observe" the opportunities and challenges Ethiopia faces in the economic sector while focusing on local and value-added manufa...

Jul 21 , 2023

World Bank Splashes $730m to Turn Ethiopia's Rocky Road into a Superhighway

A large grant, approved by the World Bank, signals a significant boost for trade and revamps the Mieso-Dire Dewa route - a vital economic artery where more than 95pc of Ethiopia's import-export trade...

Jul 18 , 2023

Ethio telecom’s Strategic Expansion Fuels 23pc Revenue Rise, Bucking Internet Restrictions

The Ethiopian state-owned telecommunications behemoth ended the fiscal year with a robust increase in its annual revenues, recording 75.8 billion Br, marking a significant 23pc uptick from last year....

Jul 6 , 2023

Budget Rattles Parliament as Prime Minister Abiy Defends Economic Strategy Facing Opposition Criticism

Ethiopia's legislative house has ratified a massive 801 billion Br (14.3 billion dollars in the current exchange rate) budget for the 2023/24 fiscal year, as confirmed by the Chairman of the Plan, Fin...


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