Red Cross Provides Inputs, Assistance to Farmers

Jul 2 , 2022

  The International Committee of the Red Cross (ICRC), its Ethiopia office, and federal authorities have launched an assistance programme for smallholder farmers. The initiative looks to provide agricultural inputs such as chemical fertilisers, and tools, to 65,000 farming households in the Amhara, Oromia, Somali, and Tigray regional states. Project managers says trucks have thus far distributed 2,000 bags of seeds. It amounts to an approximate 1,900 tonnes of sorghum, maize, teff, wheat, and haricot bean seeds. Smallholder farmers have been struggling with skyrocketing fertiliser prices. Unions and cooperatives, which are tasked with distribution after federal agencies import the input, were selling chemical fertilisers for up to 4,900 Br a quintal. Last month, the federal government facilitated billions of Birr in subsidies from federal coffers, sufficient to slash fertiliser prices by a quarter.


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...