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Dec 1 , 2024

IMF Nears Approval of $251m Loan to Ethiopia

The International Monetary Fund (IMF) is close to approving a 251-million-dollar loan to Ethiopia, applauding "progress in the economic reforms," which saw the exchange rate shift toward a market-dete...

Dec 1 , 2024

Nib Faces Liquidity Storm, Weak Governance

Nib International Bank registered a net profit of 957.9 million Br in the year, declining by 549 million Br and 36pc from the previous year. However, the Bank made a comeback in paid-up capital regist...

Dec 1 , 2024

Central Bank Notes Rising Risks in Banking Sector

The National Bank of Ethiopia (NBE) released its second financial report last week, noting rising risks in the banking sector stemming from local and external factors. The report assessed the banking...

Dec 1 , 2024

Chamber Flaunts Forex Turnaround, Liquidity Issues Hover

The National Bank of Ethiopia (NBE) reported a significant increase in the dollar reserves of commercial banks, from a deficit of 465 million dollars to a surplus of 600 million dollars between the fi...

Nov 24 , 2024

Standing Committee First Visit to Private Foreign Firm Garners New Era

Safaricom Ethiopia stated that it has become the first private foreign company to host a visit by a standing committee from the House of People's Representatives, with the Democracy Affairs Standing C...

Nov 24 , 2024

Goh Mortgage Bank Registers 12-fold Gross Profit Increase

Goh Mortgage Bank reported gross profits of 83.4 million Br, a twelve-fold increase from last year's 6.4 million Br. At its general assembly last week, the bank announced total deposits of 1.02 billio...

Nov 24 , 2024

Garment Maker Invests 200 million Br in Worker Welfare

Shints ETP Garment PLC, a South Korean enterprise operating inside Bole Lemi Industrial Park, inaugurated a 200 million Br recreational facility and daycare center. This state-of-the-art facility incl...

Nov 24 , 2024

Abay Bank's Paid-up Capital Surges, Battles Liquidity Hurdles

The third-generation Abay Bank has solidified its position with marked growth in paid-up capital of 6.01 billon Br, showing a 27pc surge from the previous year. It registered revenues of 8.4 billion B...

Nov 24 , 2024

Ethio Life's Net Profit Soars 91pc, Eyes Billion Birr Premium Target

Ethio Life and General Insurance held its annual meeting at the Inter Luxury Hotel last week with gross written premiums growing by 39pc to reach 734 million Br. The majority of its premium income cam...

Nov 24 , 2024

Awash Weathers Inflation, Rakes in 8.7b Br

On its 29th annual general assembly, the 947-branch Awash Bank posted 8.7 billion Br in net profits. Held at Skylight Hotel, the Bank's board of directors announced significant financial growth over t...

Nov 16 , 2024

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging...

Nov 16 , 2024

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicl...

Nov 16 , 2024

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. Th...

Nov 16 , 2024

New Solar Power Plant Lights up in Somali Region

Ethiopian Electric Utility inaugurated a solar power plant in the town of Beqolmayo, Somali Regional State. The plant can generate 2.5 MW of electricity, enough to power 43,542 residents. The project...

Nov 16 , 2024

Telco Introduces Sheger Smart Parking System

Ethio Telecom has implemented a modern smart parking system in Sheger city, aiming to enhance urban mobility and efficiency. The smart parking system, launched in collaboration with the Oromia Regiona...

Nov 16 , 2024

Customs Revises EV Import Tariffs

The Ethiopian Customs Commission (ECC) has implemented revised import taxes to bolster domestic businesses and decrease reliance on imported products. Imported electric vehicles (EVs) now face higher...


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