Business

National Bank Opens Doors for Foreigners to Hold Dollar Accounts Amid Ethiopia’s Currency Reforms

The National Bank of Ethiopia has announced that it has completed the process of granting permission to Foreign Exchange Offices, a move that comes in the wake of Ethiopia’s decision to float its currency, the Birr. The National Bank of Ethiopia also announced that it is now accepting more individuals and companies, allowing entities previously

September 1, 2024 • By Addis Insight

Uncategorized

Addis Ababa Mandates ID for Bajaj Drivers as Part of New Transport Regulations

A new directive was announced that prohibits drivers without an Addis Ababa ID from providing Bajaj transport services within the city. This directive emerged during a discussion centered on the regulation of three- and four-wheeled vehicle public transport services in Addis Ababa. The new guidelines aim to address previous issues related to the operation of

August 31, 2024 • By Addis Insight

News Wire

Djibouti Offers Ethiopia Management of a Port to Ease Regional Tensions

Djibouti’s Foreign Minister, Mahmoud Ali Yusuf, has revealed that his country has proposed a significant offer to Ethiopia in a bid to reduce tensions in the Horn of Africa. In a special interview with BBC Focus on Africa, the foreign minister discussed the possibility of Ethiopia directly managing one of Djibouti’s ports. Access to the

August 31, 2024 • By Addis Insight

Uncategorized

Purpose Black ETH Executives Arrested for Fraud and Corruption

Executives of Purpose Black ETH Trading Co. Arrested Addis Ababa, August 24, 2016 – The executives of Purpose Black ETH Trading Co., Ltd. were arrested today on suspicion of abuse of power and serious fraud. The investigation began following a complaint submitted to the police by shareholders who claimed they had been defrauded by the

August 30, 2024 • By Addis Insight

Politics

Ethiopia Appoints Teshome Shunde as New Ambassador to Its Consulate in Somaliland

Ethiopia has appointed Teshome Shunde as the new ambassador to its consulate in Somaliland, a region it considers an autonomous territory. The Ethiopian Ministry of Foreign Affairs announced this decision, confirming that Ambassador Shunde will be stationed at the consulate office in Hargeisa, Somaliland. In a statement to the press, Ambassador Taye Atske Selassie, Ethiopia’s

August 30, 2024 • By Addis Insight

Africa News

Ethiopian Airlines Given Three-Week Deadline by Somaliland to Restore Its Name on Flight Destinations

Somaliland Gives Two Airlines a Deadline to List Its Name on Their Flights Authorities in Somaliland have given Ethiopian Airlines and Flydubai a three-week grace period to re-register Somaliland’s name on flights to Hargeisa and Berbera. This directive was issued by the Civil Aviation and Airports Authority in Somaliland. However, the statement did not specify

August 30, 2024 • By Addis Insight

Business

National Bank of Ethiopia and Mastercard Foundation Launch Comprehensive Financial Education Module for Youth and MSMEs

Addis Ababa, May 2024 — The National Bank of Ethiopia (NBE), in collaboration with the Mastercard Foundation and First Consult under the BRIDGES program, has officially launched a groundbreaking financial education module designed to empower Ethiopia’s youth and Micro, Small, and Medium Enterprises (MSMEs). This initiative aims to provide essential financial knowledge and skills that

August 30, 2024 • By Addis Insight

Uncategorized

Renowned Ethiopian Scholar and Leader, Professor Endrias Eshete, Passes Away

Prominent Academic and Public Figure Former President of Addis Ababa University, Professor Endrias Eshete, passed away on August 30, 2024, after being under medical care due to an illness. The announcement was made by Addis Ababa University earlier today. Academic Contributions Professor Endrias was a highly regarded figure in Ethiopian academia and public service, known

August 29, 2024 • By Addis Insight

Business

30 Days After Ethiopia’s Currency Float: Development Bank Leads with 110% USD Rate Spike

Ethiopia’s recent decision to float its currency on July 28, 2024, has led to a significant devaluation of the Ethiopian Birr (ETB) against major global currencies such as the Euro (EUR), US Dollar (USD), and British Pound (GBP). This strategic move was intended to stabilize the economy by allowing market forces to determine the exchange

August 29, 2024 • By Addis Insight

Business

Ethiopia Ends 22-Year Tax Exemption on Water, Electricity, and Transport Services

The Ethiopian government has announced a new directive aimed at revising the existing subsidy framework for water and electricity services. For the past 22 years, low-income households in Ethiopia have enjoyed water and electricity services exempt from additional value-added tax (VAT). This exemption was initially intended to alleviate the financial burden on low-income households. However,

August 29, 2024 • By Addis Insight