Ethiopian currency birr has dropped to a new record low against US dollar in parallel market. The US dollar is being sold for around 174 in the black market. Ethiopian currency birr started its downward journey in July last year when the government introduced macro economic reforms and liberalized foreign exchange market. Back then, official…
Ethiopian Birr has fallen to a new low against US Dollar in black market. The USD/ETB black-market rate has climbed sharply to 160.75 Br/USD, up 0.37% . This marks a significant rise from around 157 Br just two days ago. In late May, the National Bank of Ethiopia (NBE) expanded FX access—raising personal travel limits…
Ethiopia’s first investment bank Wegagen Capital has formally launched operations. The launching ceremony of Wegagen Capital Investment Bank S.C. was held at Hilton hotel in Addis Ababa last night. In March this year, Ethiopian Capital Market Authority (ECMA) granted licenses to two investment banks. CBE Capital S.C, affiliated with the Commercial Bank of Ethiopia (CBE),…
Oromia Bank has released a mobile phone application called “Milkii”. Using the application, the customers can get loans without guarantee. The bank launched this application on Wednesday at a ceremony held at Hyatt Regency Hotel in Addis Ababa. Milkii, the digital loan service, will not only expand the access to digital banking but also ensure…
The Commercial Bank of Ethiopia (CBE) today denied rumors that it had been robbed of 7.7 billion birrs. The bank said that the attempt to illegally transfer money had been successfully foiled and it lost no money. Perpetrators have been identified. They are under custody and being investigated by law enforcement agencies, CBE said. Since…
The National Bank of Ethiopia today held the second foreign exchange auction. It sold foreign currency especially US dollar for birr to local banks. Yesterday NBE announced that on Tuesday it would sell $60 million to local banks. According to a statement issued by the Ethiopian banking regulator, 27 banks participated in today’s auction and…
National Bank of Ethiopia today announced to conduct the second FX auction on Tuesday February 25, 2025. Sixty million US Dollars will be sold to banks. In July last year, Ethiopian government introduced macro economic reforms. It allowed banks and private bureaus to buy and sell foreign currency. In August 2024, National Bank of Ethiopia…
National Bank of Ethiopia (NBE) is working on a plan to forcibly merge local Ethiopian banks. The decision is being taken ahead of the entry of foreign banks in the Ethiopian banking industry. National Bank of Ethiopia Governor Mamo Mihret disclosed that locals banks will have to be merged. He said Ethiopian banks are in…
Price of US dollar has reached 150 birr in the Ethiopian black market. Since May last year, the Ethiopian government has been trying to kill the foreign exchange black market. Today’s official birr-dollar exchange rate announced by the Commercial Bank of Ethiopia is 124.0086 birr per dollar. Last year, when the Ethiopian government introduced macro…
Ethio Telecom, Ethiopian state owned telecommunication company, has extended the deadline for sale of its 10% shares. It failed to meet the target of selling the shares till January 3. In October last year, Ethio Telecom offered 100 million shares to Ethiopian investors. One share was priced at 300 birr. One investor must buy a…