Rammis Bank Holds First General Assembly

Oct 2 , 2021

Rammis Bank, which will provide interest-free banking services, held its first general assembly last Saturday, announcing it has successfully met the minimum capital requirements enforced by the central bank. Rammis has collected a paid-up capital of 724 million Br, almost quarter of a billion higher than the minimum requirement that is applicable until the end of this month. It is one of dozens of banks under formation that were given a three-month period to start operations with half a billion Birr in capital and reach seven billion Birr within a seven-year period. Once securing a license, it will be the third interest-free banking service provider, next to ZamZam and Hijra. There are 20 private banks in Ethiopia, with the latest entrant being Goh Mortgage bank.



Women around the Koshe area hunt through piles of trash to find scraps of metal to sell. With close to three million people unemployed in the country and a headline inflation of 33pc, unskilled labour is in little demand. Ethiopia has an adult literacy rate of 51pc, with fewer numbers going past high school. Less than three percent of 12th-grade students made it to universities this year while the rest were at the mercy of remedial exams...



An old wooden car that was part of a commercial campaign by a furniture company around the Beherawi Theatre area. Ethiopia's forest coverage to national land size has been registered at 15pc to the latest data by the World Bank. The current Prime Minister Abiy Ahmed launched an initiative labelled 'Green Legacy' to plant five billion trees in 2020 claiming an 83pc success...



A young boy attempts to pull a piece of cloth from an overloaded pickup truck around the Ayer Tena area. Observing an unsupervised child on the streets of the capital has become a common sight, with sporadic conflict across the country creating nearly four million internally displaced people. Despite the last census having been conducted 16 years ago, the population of the country is estimated at 120 million...