Quarter Year Remittance Foretell Growing Forex

Nov 12 , 2022


[ssba-buttons]

The remittance earned from the diaspora community has increased from the previous year. The earnings in the first quarter of the fiscal year have reached 1.3 billion dollars, showing a 25pc increase. The growth in remittance gave a signal to federal authorities that 5.2 billion dollars would be sent home by the end of the fiscal year. The IMF has recently made a disconcerting forecast that Ethiopia's foreign exchange reserves are enough to pay for the importers of 18 days. The 2017 UN reports show that Ethiopia has over one million diaspora communities worldwide. According to the Director General of the Ethiopian Diaspora Service, Mohamed Andris (PhD), over 2,000 "diaspora accounts" have been opened with a two million dollar deposit. A World Bank report shows remittances accounted for 0.4pc of Ethiopia's GDP two years ago. According to Wondwossen Girma, communications head of the federal Diaspora Agency, 175 million Br has been mobilised from the Diaspora to provide aid to the population in the war-affected areas, with a significant share of the inflow coming from the Middle East and North America. Over 24 million Br has been collected through bond purchases and gifts to finance the Great Ethiopian Renaissance Dam (GERD).


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...