Business

Ethiopia’s National Bank Aligns Gold Prices with Global Market Rates in New Payment Policy

The National Bank of Ethiopia has implemented a new policy for purchasing gold, which links the payment to the daily international gold price and the foreign exchange rate set by the bank. This means that the amount paid to gold suppliers will be calculated by multiplying the current international price of gold with the exchange

July 31, 2024 • By Addis Insight

Business

World Bank Approves $1.5 Billion Initiative, Commits $6 Billion for Ethiopia’s Growth

Washington, July 30, 2024 — The World Bank’s Board of Executive Directors has approved the Ethiopia First Sustainable and Inclusive Growth Development Policy Operation, a substantial financial initiative aimed at bolstering Ethiopia’s economic reform agenda. This operation, consisting of $1 billion in grants and $500 million in concessional credit from the International Development Association (IDA),

July 30, 2024 • By Addis Insight

Business

Ethiopian National Bank Sets Limits on Foreign Currency Purchases: Up to $10,000 for Travelers and Businesses

The National Bank of Ethiopia has introduced new guidelines for acquiring foreign currency within the country, aimed at both Ethiopian nationals and foreign residents. These regulations, primarily geared towards facilitating travel-related needs, outline specific procedures and limits for individuals and businesses. Who Can Buy Foreign Currency? The guidelines specify that only Ethiopians traveling abroad or

July 30, 2024 • By Addis Insight

Business

Ermias Amelega Announces Revival of Access Realestate Projects at Nyala Motor Site

Addis Ababa, Ethiopia – Access Realestate, led by founder Ermias Amelega, has officially announced the resumption of construction and finishing activities at the Nyala Motor site. The project, which has been on hold for several years, includes eight blocks, each featuring a seven-floor plan. In his statement, Ermias Amelega highlighted the role of the city

July 30, 2024 • By Addis Insight

Business

Ethiopia Lifts Foreign Currency Restrictions on Goods, Keeps Vehicle Limits”

The Ministry of Finance has announced that the foreign exchange restriction on certain items has been repealed, except for fully equipped domestic automobiles and three-wheeled vehicles classified under Article 87.03 of the Tariff Book, which remain restricted. It is recalled that the government imposed a ban on the use of bank foreign exchange for certain

July 30, 2024 • By Addis Insight

Business

Lijinet Launches: A New YouTube Channel Bringing Ethiopian Culture to Kids

‘Lijinet,’ a newly launched YouTube channel, offers a unique and engaging platform for Ethiopian children, blending entertainment and education in an interactive format. The channel’s name, meaning ‘childhood’ in Amharic, reflects its focus on content that is both culturally relevant and educational. Selamawit Mindaye, the founder of ‘Lijinet,’ was inspired to create the channel after

July 30, 2024 • By Addis Insight

Uncategorized

IMF Approves $3.4 Billion Aid Package to Bolster Ethiopia’s Economic Reforms

The International Monetary Fund (IMF) has granted Ethiopia a $3.4 billion Extended Credit Facility (ECF) over four years. This funding, equivalent to 2.55 billion in Special Drawing Rights, aims to support Ethiopia’s Homegrown Economic Reform (HGER) agenda, focusing on macroeconomic stabilization, reducing inflation, and enhancing the fiscal space for priority public spending. Key aspects include

July 29, 2024 • By Addis Insight

Business

NBE’s New Forex Rules: 10 Key Points to Know as Birr Drops 30%

Ethiopia’s National Bank Issues Comprehensive Foreign Exchange Directive Amid Currency Devaluation The National Bank of Ethiopia (NBE) has released a new directive aimed at regulating the foreign exchange market, introducing measures to enhance transparency, stability, and competitiveness. The directive, titled “Foreign Exchange Directive No. FXD/01/2024,” outlines comprehensive regulations affecting banks, authorized dealers, and businesses engaged

July 29, 2024 • By Addis Insight

Sport

Ethiopian Airlines Reports Record $7.02 Billion Revenue Amidst Passenger and Flight Hour Growth

Ethiopian Airlines Group made a statement today announcing that in the last fiscal year, they achieved a total revenue of 7.02 billion dollars, marking a 14 percent increase compared to the same period of the previous fiscal year. This income is equivalent to more than 402 billion birr in Ethiopian currency. The airline reported flying

July 29, 2024 • By Addis Insight

Uncategorized

Ethiopian Airlines Reports Record $7.02 Billion Revenue Amidst Passenger and Flight Hour Growth

Ethiopian Airlines Group made a statement today announcing that in the last fiscal year, they achieved a total revenue of 7.02 billion dollars, marking a 14 percent increase compared to the same period of the previous fiscal year. This income is equivalent to more than 402 billion birr in Ethiopian currency. The airline reported flying

July 29, 2024 • By Addis Insight