Business

Minibus Operators Face Uncertain Future Amid New Licensing Threat

The Ethiopian Ministry of Transport and Logistics has introduced a strict new directive to improve public transportation safety and efficiency in line with Addis Ababa’s modernization efforts. While beneficial for the city, these changes create significant challenges for the public transport operators, especially minibus taxi operators, who now must obtain a competency license with stringent

October 5, 2024 • By Addis Insight

Culture

Ethiopian Airlines Suspends Flights to Beirut and Tel Aviv Amid Regional Tensions

Addis Ababa, Ethiopia — Ethiopian Airlines has announced the suspension of all flights to Beirut until further notice and to Tel Aviv until October 7th due to the current situation in the region. The decision comes as part of the airline’s ongoing efforts to prioritize passenger safety and comply with directives from relevant authorities. The

October 4, 2024 • By Addis Insight

Business

Ethio Telecom Hikes International Call Rates by 658% Amid Rising Costs

Ethiopia’s state-owned telecom provider, Ethio Telecom, has announced a significant tariff increase across its services, citing rising operational expenses due to the country’s new floating exchange rate policy implemented two months ago. Range of Services Affected The new tariffs impact mobile services, fixed and wireless broadband, international calls, Telebirr transfers, and SMS. Ethio Telecom explained

October 3, 2024 • By Addis Insight

Business

Ethiopian Communications Authority Introduces New License Fees for Internet and Telecom Service Providers

The Ethiopian Communications Authority has issued a new directive, setting out license fees for companies applying to become internet service providers (ISPs), with costs reaching up to five million birr. The directive, issued under Communication Service Decree No. 1148/2011, also mandates that licensed companies pay an annual service charge of 1% of their gross income.

October 3, 2024 • By Addis Insight

Business

National Bank of Ethiopia Allocates $175 Million to Support Foreign Exchange Market

Addis Ababa, October 3, 2024 – The National Bank of Ethiopia (NBE) has announced a major allocation of $175 million to the foreign exchange market, aimed at supporting fuel-related import payments over the coming months. This move is expected to help alleviate pressure on foreign exchange needs, particularly for the Ethiopian Petroleum Supply Enterprise (EPSE),

October 3, 2024 • By Addis Insight

Business

Ethiopian Airlines Group and ETTE Sign MoU to Develop Ethiopia’s First Duty-Free Mall

Addis Ababa, October 3, 2024 – Ethiopian Airlines Group and Ethiopian Tourist Trading Enterprise (ETTE) have entered into an agreement to establish Ethiopia’s first duty-free mall. The two entities signed a memorandum of understanding (MoU) to collaborate on the development of a facility that aims to offer an international shopping experience, featuring luxury brands and

October 3, 2024 • By Addis Insight

Business

Ethiopian Airlines to Launch Five New International Destinations, Including Australia, This Fiscal Year

Ethiopian Airlines, Africa’s largest aviation group, is set to expand its international reach by adding five new flight destinations in the current fiscal year, including plans to fly to Australia within the next two years, according to the airline’s Chief Executive Officer. This move is part of the airline’s ongoing efforts to strengthen its global

October 2, 2024 • By Addis Insight

Business

National Bank of Ethiopia Grants Licenses to Five Non-Bank Foreign Exchange Offices

Addis Ababa, September 30, 2024 — The National Bank of Ethiopia (NBE) has officially granted operating licenses to five independent, non-bank foreign exchange bureaus. This move is part of the NBE’s strategy to expand foreign exchange services and improve access to foreign currency transactions across the country. The NBE recently issued a directive to promote

October 2, 2024 • By Addis Insight

Business

Dr. Emebet Melese Takes Charge as President of the Ethiopian Development Bank

Dr. Emebet Melese was appointed as the President of the Ethiopian Development Bank. It has been reported that Dr. Emebet Melese, who was recently appointed as the President of Nib Bank, has now been appointed as the President of the Ethiopian Development Bank. According to a letter written by the Minister of Finance on September

October 2, 2024 • By Addis Insight

Business

Commercial Bank of Ethiopia Introduces VAT on Financial Services Amid World Bank-Supported Bailout

The Commercial Bank of Ethiopia (CBE) has introduced value-added tax (VAT) on various financial services as part of its efforts to comply with the government’s new tax laws and raise revenue. The VAT increase, effective from October 1, 2024, is linked to broader economic reforms impacting Ethiopia’s financial sector. This move comes at a critical

October 1, 2024 • By Addis Insight