Office Closes Nine Salt Businesses for Price Gouging

Aug 21 , 2021


Authorities at the Addis Abeba Trade Bureau have shut down nine salt trading stores on allegations of price gouging. The traders were accused of selling salt for as much 50 Br a kilogram, four times the price ceiling enforced by the Bureau. There has been a spike in price of salt over the last two weeks. Traders blamed the disruption of supply due to transportation problems caused by the conflict in Afar Regional State, which is the only source of salt in Ethiopia. The dispute between producers and suppliers over the price of salt have been also cited by officials as one of the reasons for the recent price hikes, leading to a disruption of supply to factories that iodize salt. Currently, a kilo of salt is being retailed for 20 Br.


Radar

Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Radar

Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Radar

Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...


Back
WhatsApp
Telegram
Email