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Central Bank Doubles Reserve Requirements

Aug 31 , 2021

Commercial banks are now obliged to place 10pc of their net deposits as a reserve with the National Bank of Ethiopia (NBE), double the amount the central bank has been holding.

Effective tomorrow, September 1, 2021, the latest move targets reducing money circulating in the market and taming the growing inflationary pressure, where headline inflation hit 26.4pc last month.

The interest rate levied on commercial banks on loans from the central bank has also been raised by three percentage points to 16pc.

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