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

News

Ato Taye Dendea Cleared of Two Charges, Ordered to Defend Third

Ato Taye Dendea was acquitted of two charges but was ordered to defend himself on a third charge. Addis Ababa, July 30, 2016 (FBC) — Former Minister of State for Peace, Taye Dendea, was acquitted of the first and second charges and was ordered to defend himself against the third charge. The Federal High Court’s

August 6, 2024 • By Addis Insight

Business

Ethiopia’s Economic Surf: Riding the Reform Wave to Sustainability

                                    By Eyob Asfaw The Sunday night of the date- July 28 was different for Ethiopians living elsewhere within its boundary; especially for the urban elites who access the media and can easily resonate what was said.  On that date, the government unusually released a communique on which announced the macro-economic reforms, including its u-turn

August 6, 2024 • By Addis Insight

Uncategorized

Ethiopia Keeps Fuel Prices Steady in August Despite Currency Floating

Addis Ababa, July 30, 2016 – The Ministry of Trade and Regional Cooperation has announced that the retail sale of petroleum products in August 2016 will continue at the same price as in July. Minister of Trade and Regional Cooperation, Dr. Kasahun Goffe, stated that an order has been issued to maintain gas station prices

August 6, 2024 • By Addis Insight

Sport

Tsige Duguma Secures Ethiopia’s First Olympic Medal in the 800 Meters

Ethiopian athlete Tsige Duguma has made history by winning a bronze medal in the women’s 800 meters at the Paris 2024 Olympics. This achievement marks Ethiopia’s first-ever Olympic medal in this distance, a notable addition to the nation’s storied history in middle and long-distance running events. Duguma, born in 2001, demonstrated her exceptional talent and

August 5, 2024 • By Addis Insight

Business

Genesis Investment Bank Set to Launch with Comprehensive Financial Services Portfolio

Addis Ababa, Ethiopia – Genesis Investment Bank™, a new financial institution founded by Ermias Amelega, is preparing to enter the market with a broad range of financial services. The bank aims to provide comprehensive solutions including underwriting, venture capital, private equity, and asset management, targeting both local clients and foreign investors looking to engage with

August 5, 2024 • By Addis Insight

Business

Federal Government Introduces 551 Billion Birr Budget Increase

Federal Government to Present Additional Budget of 551 Billion Birr State Minister of Finance, Dr. Eyob Tekaleni, announced that the federal government will present an additional budget of 551 billion birr to the House of Representatives. This budget, which was approved by the government in June 2017, will bring the total budget for the fiscal

August 5, 2024 • By Addis Insight