PARALLEL PRESSURES


PARALLEL PRESSURES

Public transport commuters use downed electric poles as a seat while they shade themselves from the sun through hanging billboards waiting for the city bus around the Stadium area. The capital's transport came into the spotlight this year after the purchase of 20 city buses for 19 million Br each, which created an uproar on social media. With 650 Anbesa public buses and privately owned 8,000 minibuses operating in the city, the demand for transportation is far from being met. A litre of benzene now costs 69 Br after the government slowly started removing subsidies last year. It has also hiked the cost of taxi-hailing companies above the reach of urbanites.  


Radar

Customs Commission Sets Another Franco Valuta Deadline

The Ethiopian Customs Commission has given importers who used the franco valuta system up to December 26 to finalize the import of their goods. This pertains only to importers who purchased the merchandise and registered their import documents to the Commission before November 7. The Ministry of Finance had previously offered a two-week window for merchandise imports made through the scheme to finalise customs procedures. It is to be recalled that the government banned merchandise imports under...


Radar

National ID Strides Further to Mandatory Field

The National Bank of Ethiopia issued a notice to all banks mandating the use of the National ID for new bank account openings starting January 1, 2025, for branches in Addis Abeba while the same will apply for branches in major cities on July 1, 2025. All branches nationwide must comply starting January 1, 2026, while existing account holders are required to present their National ID by December 2026. The Central Bank stated its objectives for the move are to enhance the security of the financi...


Radar

Hibret Climbs Further Profit Heights

Hibret Bank posted a surge in net profits to reach 2.3 billion Br, traversing economic adversities. The Bank grew its revenues to 13.23 billion Br—an increase of 28.1pc from the previous year. Total assets were registered at 96.58 billion Br, exhibiting a 16pc increase, while total deposits rose by 15.6pc to reach 74.65 billion Br. With loans and advances sitting at 68.89 billion Br, Earnings Per Share (EPS) stood at 383 Br. The Bank opened 26 new branches during the year to reach a total o...


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