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…
Ethiopia today finally launched Securities Exchange but with 1 listing only. Prime Minister Abiy Ahmed officially launched the Ethiopian Securities Exchange (ESX) today. “We have officially rung the bell to launch the Ethiopian Securities Exchange – the first stock exchange for our country. Invest in Ethiopia — a fast-growing economy with immense potential and a…
Ethiopian Stock Exchange ESX is going to formally begin operations on Friday January 10. The bourse was initially due to be launched in November last year but technical issues delayed the launch. The newest stock exchange in Africa is hoping to list around 50 companies. Business entities from Kenya, South Africa and Nigeria have shown…
The Monetary Policy Committee (MPC) of the National Bank of Ethiopia has announced that the inflation in Ethiopia has reached the lowest in 5 years. The committee proposes financial policies to be adopted by the NBE Board. After its meeting on Tuesday, MPC issued a statement claiming that current inflation in Ethiopia is 16.9%. Food…
Is Ethiopia considering legalization of crypto currency? Mamo Mehretu, the chief of Ethiopian National Bank, today said NBE may issue guidelines to use cryptocurrency. ️ Use of digital currency is not legal in Ethiopia. But in a talk, NBE chief implied that Ethiopia could follow other countries if crypto currency is legalized by other countries….