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July 4 , 2022

Authorities Clamp Down on Fuel Stations

Officials at the Petroleum & Energy Authority have ordered gas stations to pay the difference in fuel stock they hold when prices change later this week. Officials are to conduct inventory at all gas stations and fuel depots the day before prices are adjusted and instruct stations to pay the...

June 29 , 2022

Capital Approves 100b Br Budget

The Addis Abeba City Council has approved a 100 billion Br budget for the coming fiscal year. It is a 41pc jump from last year and equivalent to 13pc of the proposed federal budget tabled to Parliament a few weeks ago. Nearly 55 billion Br has been earmarked for capital expenditures, while the Council has allocated 41 billion Br for recurrent expenditures. It contrasts with the 786.6 billion Br federal budget bill, which appropriated 44pc to recurrent spending...


June 23 , 2022

Sovereign Fund Takes Control of Colossal Enterprises

The country's biggest public enterprises have come under the wing of the newly-formed Ethiopian Investment Holdings (EIH). The Ethiopian Airlines Group, the Commercial Bank of Ethiopia, Ethio telecom, the Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Utility are among the 28 state-owned entities under the purview of the sovereign wealth fund. EIH was established earlier this year with an authorised capital of 100 billion Br, of which 25 billion Br is to be paid up. Prime Minister Abiy Ahmed (PhD) chairs its board of directors of six. Board members include...


June 21 , 2022

IMF Pledges Support for Ethiopia Debt Relief

The International Monetary Fund (IMF) says it will work closely with creditors to provide debt relief to Ethiopia under the G20 Common Framework. An IMF team led by Sonali Jain-Chandra concluded a five-day visit to Ethiopia last week. The team met with senior officials, including Finance Minister Ahmed Shide and central bank Governor Yinager Dessie (PhD), to discuss reform plans and economic development. A statement from the Fund reads that armed conflict, drought, and the pandemic have “created significant macroeconomic and humanitarian challenges.” The Fund predicts economic gro...

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June 14 , 2022

Central Bank Halves Reserve for Commercial Banks

Regulators at the central bank have cut reserve requirements for commercial banks down by half to five percent. It comes less than a year after the banking supervision directorate at the National B...

June 3 , 2022

Fed Approves 787b Br Budget

The Council of Ministers has given the nod to a 786.6 billion Br budget for the coming fiscal year. It is 40pc higher than what lawmakers had apportioned for 2021/22. In dollar terms, the budget bi...

May 25 , 2022

Ethiopian, Boeing Seal Cargo Deal

The Ethiopian Airlines Group has ordered five Boeing 777 aircraft for cargoes. The state carrier looks to add the aircraft to its fleet of nine 777 freighters assigned to its network of 66 cargo ce...

May 18 , 2022

Capital Market to Form Under Holding Group

Federal officials have tasked Ethiopian Investment Holdings, a sovereign wealth fund formed earlier this year with 100 billion Br in capital, with the formation of the Ethiopian Securities Exchange. ...

May 7 , 2022

Retail Prices at Gas Stations Jump

Prices for benzene and diesel will go up beginning tomorrow, May 8, 2022. A litre of benzene is set at 36.87 Br, increasing by 16pc. It is an increase of a little over five Birr from what gas stati...

May 6 , 2022

Ethio telecom to Launch 5G Next Week

The state-owned Ethio telecom is to launch a 5G service on May 9, 2022, during a high pitched event to be held at the Sheraton Addis. The operator has been working with Chinese tech giant Huwaei to...

April 26 , 2022

Dashen, EagleLion Introduce Credit App

Dashen Bank has inked a deal with fintech firm EagleLion System Technology to introduce a credit-based application. Dubbed “DubePay”, the app will allow businesses to sell goods and services to...

April 12 , 2022

ECX, Coffee Authority to Determine Rates for Coffee Export

Coffee destined for export will be traded based on weekly rates determined by the Ethiopian Coffee & Tea Authority, officials of the Ethiopian Commodity Exchange (ECX) have agreed. The Board of...


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