Business

NBE Opens Applications for Independent Forex Bureaus in Ethiopia

Addis Ababa, Ethiopia – August 8, 2024 – The National Bank of Ethiopia (NBE) has officially commenced the acceptance of applications for Independent Foreign Exchange Bureaus, as per the newly instituted Foreign Exchange Directive (FXD/01/2024) that became effective on July 29, 2024. This marks a significant step towards liberalizing the country’s foreign exchange market. Under

August 8, 2024 • By Addis Insight

Uncategorized

Ethiopian Airlines Honoured with Prestigious President’s Lifetime Achievement Award as it Celebrates 25 Years of Services to the US

Addis Ababa, August 8, 2024 Ethiopian Airlines, the leading aviation group in Africa and a rapidly expanding global airline brand, has been distinguished with the US President’s Lifetime Achievement Award. This accolade recognizes the airline’s outstanding contributions and dedicated service to communities in the United States. The award, signed by the US President Joseph R.

August 8, 2024 • By Addis Insight

Politics

Militants Release 16 Ethiopian Students After Month-Long Hostage Crisis, Dozens Still Detained

At the end of June, students from Debarak University were kidnapped in the Gerbe Guracha area of Oromia region while traveling to Addis Ababa by public transport buses. They have been held captive for a month. More than 100 students were kidnapped by militants on 26 June 2016, between Goha Zion and Tulu Milki while

August 8, 2024 • By Addis Insight

Business

National Bank of Ethiopia Announces Results of Special FX Auction: Highest Bid at Birr 107.9 per USD

Addis Ababa, August 7, 2024 – The National Bank of Ethiopia (NBE) has successfully concluded its Special Foreign Exchange (FX) Auction, revealing a weighted average rate of Birr 107.9 per US Dollar. The auction, which took place today, saw participation from 27 banks. The NBE’s daily practice of updating exchange rates based on FX market

August 7, 2024 • By Addis Insight

Business

Ethiopian Oil Supply Company to Receive $670 Million from National Bank of Ethiopia

It has been announced that the Ethiopian Oil Supply Company, which buys and supplies the fuel the country needs from abroad, will receive 670 million dollars from the National Bank of Ethiopia for its payment obligations until sufficient foreign exchange capacity is built. In addition, the National Bank will provide foreign currency to local banks

August 7, 2024 • By Addis Insight

Uncategorized

Ethiopian Airlines Adopts CBE Exchange Rates for Its Dollar-Based Ticket Pricing

Ethiopian Airlines Announces Dollar-Based International Ticket Pricing Ethiopian Airlines has announced that the ticket prices for international flights transacted in dollars will be determined by the daily foreign exchange rate of the Commercial Bank of Ethiopia. According to the Head of Public Relations of Ethiopian Airlines, Mrs. Hana Atnafu, the ticket prices for international trips

August 7, 2024 • By Addis Insight

Business

Ethiopia’s Real Estate Response to the Recent Foreign Currency Reform

In a major economic move, the National Bank of Ethiopia has shifted from a decades-long, fixed exchange rate to a market-based foreign exchange rate. This reform aims to restore market balance and stability, ushering in a new era for Ethiopia’s financial environment. While the change has sparked debate among economists and business leaders, with public

August 7, 2024 • By Addis Insight

Business

Ethiopia Immigration Service Passport Fees Increased by 733%: New Rate Effective Tomorrow

The Ethiopian Immigration and Citizenship Service has announced a revised fee structure for various services, including passport issuance, expedited services, and more. These changes are set to take effect from August 1, 2016, following approval by the Council of Ministers. The updated fees aim to streamline the process and ensure efficient service delivery to the

August 6, 2024 • By Addis Insight

Business

Ethiopia Immigration Service Passport Fees Increased by 733%: New Rate Effective Tomorrow

The Ethiopian Immigration and Citizenship Service has announced a revised fee structure for various services, including passport issuance, expedited services, and more. These changes are set to take effect from August 1, 2016, following approval by the Council of Ministers. The updated fees aim to streamline the process and ensure efficient service delivery to the

August 6, 2024 • By Addis Insight

Business

NBE Announces Special Foreign Exchange Auction to Manage Market Dynamics

The National Bank of Ethiopia (NBE) has announced a Special Foreign Exchange Auction scheduled for August 7, 2024. This auction allows interested banks to bid for US dollars, an essential step in managing foreign exchange reserves and ensuring currency stability within the country. Background and Purpose Foreign exchange auctions are a critical tool used by

August 6, 2024 • By Addis Insight