FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

Fed Green Lights Foreign Bank Entry

Sep 3 , 2022

Council of Ministers

Following years of speculation, the federal government has decided to allow foreign investors into the financial sector.

Earlier today, the Council of Ministers approved a policy to allow foreign banks to operate in the country.

It is the first step in permitting foreign involvement in the financial sector since the Dergue regime forced all foreign banks to cease operations nearly five decades ago.

Regulators have been putting measures in place to strengthen domestic banks, whose numbers have swelled to nearly two dozen over the past year. This includes raising the minimum capital threshold by 10 fold to five billion Birr.



Related Posts

Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

Sharia-Compliant Banks Lose Ground as Interest-Free Windows Sweep the Market

Global Islamic finance, rooted in the prohibition of interest (riba), risk-profit sha...

Who Benefits From a Global Dollar?

President Donald Trump thinks America is only for Americans. The US Dollar, by contrast, is for everyone. Should the BRICS grouping of emerg...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

Ethiopia's Aid Reckoning Demands a Homegrown Rescue Plan

May 10 , 2025

Federal legislators recently summoned Shiferaw Teklemariam (PhD), head of the Disaste...

When Pension Funds Nap Inflation Steals the Blanket

May 3 , 2025

Pensioners have learned, rather painfully, the gulf between a figure on a passbook an...

Policymakers Trudge Down a Path of Punitive Taxation

Apr 26 , 2025

Benjamin Franklin famously quipped that “nothing is certain but death and taxes....

Overseas Job Push Evokes Hopes at Home, Hardship Abroad

Apr 20 , 2025

Mufariat Kamil, the minister of Labour & Skills, recently told Parliament that he...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

Raising Builders, Not Spenders

Raising Builders, Not Spenders Over lunch recently, my husband and I sat with a young friend from one of Ethiopia's wealthiest families....

Is Struggle the Secret Ingredient in Parenting?

In an age obsessed with convenience and instant gratification, parenting stands at a crossroads. Many of...

Life Matters

When a Comment Cuts Deep, Thank the Shadow

There are moments when a comment from a friend, partner, or colleague strikes a nerve, not with casual ir...

Less Stuff, More Life

There is a little thrill that comes with buying something new, the excitement of having the means, walking out with a bag in hand. That mome...