Business

NBE’s Directive on Fuel Imports Raises Concerns of Increased Activity in Parallel Markets

The National Bank of Ethiopia (NBE) has shifted a significant portion of the foreign currency responsibilities for fuel imports to commercial banks. As part of this new directive, private banks are now responsible for covering 50% of the annual fuel import costs, which amount to $3.2 billion. This translates to securing $1.6 billion for fuel

October 30, 2024 • By Addis Insight

Society

New Education Bill Proposes No Student Ranking Until Grade 6: A Shift Towards Inclusive Learning

A new amendment to the General Education Act, presented to the House of Representatives, proposes sweeping changes across language instruction, student assessments, teacher qualifications, and private school regulations. If passed, the bill will introduce several key changes aimed at restructuring educational standards and practices nationwide. Key Highlights of the Amendment Mother Tongue and Language InstructionThe

October 30, 2024 • By Addis Insight

Uncategorized

Breaking News: Somalia Declares Ethiopian Diplomat Persona Non Grata

In a move asserting its sovereignty, Somalia’s Ministry of Foreign Affairs and International Cooperation has expelled Mr. Ali Mohamed Adan, Counselor II at the Ethiopian Embassy in Somalia, declaring him persona non grata. The diplomat has been ordered to leave within 72 hours, with Somali authorities citing actions incompatible with his role. The Ministry’s statement

October 29, 2024 • By Addis Insight

Business

Parliament to Review New Urban Land Leasing Decree Allowing Negotiations

A bill allowing the transfer of urban land through lease will be submitted to Parliament. In addition to auctions and allocations of urban land, a draft decree will be submitted to Parliament to permit the transfer of urban land through negotiations and leases. This new decree mandates that at least 20% of the land cities

October 29, 2024 • By Addis Insight

Business

How Ethiopia’s Floating Birr is Reshaping Trade for Exporters and Importers

Post Floating: Are Businesses Staying Ahead of the Curve? The recent shift to a market-based exchange regime is affecting businesses across all sectors, from small enterprises to large corporations. Exporters and importers are particularly feeling the impact as they navigate a new system where the birr’s value is determined by market forces, not the central

October 29, 2024 • By Addis Insight

Business

Fitch Upgrades Ethiopia’s Credit Rating Amid Economic Reforms and Eased Financial Pressures

October 28, 2024 – Fitch Ratings has raised Ethiopia’s Long-Term Local-Currency (LTLC) Issuer Default Rating to ‘CCC+’ from ‘CCC-‘, citing easing financial pressures and enhanced macroeconomic stability. This marks a positive shift, as the country’s Long-Term Foreign-Currency rating remains at ‘RD’ (Restricted Default). Key Drivers of the Upgrade Fitch’s decision reflects Ethiopia’s continued efforts to

October 28, 2024 • By Addis Insight

Business

Ethiopian Shipping and Logistics Eyes Six New Ships to Meet Ethiopia’s Rising Import-Export Needs

Executives at Ethiopia’s state-owned Ethiopian Shipping and Logistics Services Enterprise (ESLSE) are advancing plans to add six bulk cargo ships to their fleet as the enterprise aims to bolster its capacity and support the nation’s growing import-export needs. According to The Reporter Wondimu Daba, ESLSE’s Deputy CEO for Corporate Services, confirmed that the ESLSE board

October 27, 2024 • By Addis Insight

Business

The Impact of Government Regulations on Ethiopia’s Real Estate Market

Is Ethiopia’s Real Estate Losing its Balance?With a series of impactful economic reforms, Ethiopia’s business environment is undergoing a significant transformation, impacting virtually all sectors. One of the most affected is the real estate sector, which is navigating a complex landscape marked by both opportunity and constraint. The recent shift to a market-based foreign exchange

October 26, 2024 • By Addis Insight

Uncategorized

Ethiopia Unveils Ambitious First Draft of Startup Ecosystem Development Policy, Open for Public Consultation

Addis Ababa, Ethiopia – October 24, 2024In a move to energize its emerging startup scene, the Federal Democratic Republic of Ethiopia has released a comprehensive draft of the “Startup Ecosystem Development Policy.” The policy, which is now open for public feedback, offers a roadmap to address key obstacles confronting Ethiopian startups, such as limited funding,

October 26, 2024 • By Addis Insight

Uncategorized

Legendary Ethiopian Football Figure Asrat Haile (‘The Sword’) Passes Away

Addis Ababa, Ethiopia – October 26, 2024 Ethiopian football has lost one of its most iconic figures, Asrat Haile, affectionately known as “The Sword.” A formidable player and revered coach, Haile passed away after a prolonged illness, for which he had been receiving treatment. His departure leaves a deep void in Ethiopian sports, marking the

October 26, 2024 • By Addis Insight