Business

Ethiopian Banks Charge Hidden Fees, Driving Dollar Rate Up to 160 Birr

According to Wazema Radio, certain commercial banks in Ethiopia are charging additional fees beyond the legally mandated costs for foreign currency sales. Several import traders reported to Wazema Radio that when they request foreign currency from commercial banks, they are often told, “We don’t have it.” Instead, banks direct them to customers who already have

January 30, 2025 • By Addis Insight

Business

Commercial Bank of Ethiopia to Launch Salary-Based Loans via CBE Birr Plus App

The Commercial Bank of Ethiopia (CBE) has announced that it will soon begin offering salary-based loans to employees of government-owned development institutions through the CBE Birr Plus app. As part of Customer Service Month, CBE held a discussion with executives from various government-owned development institutions at its headquarters on January 28, 2025, in the afternoon.

January 29, 2025 • By Addis Insight

Business

Ethiopian Investment Holdings Plans Global Stock Market Return, Eyes Multinational Investments

Ethiopian Investment Holdings (EIH), the East African nation’s sovereign wealth fund, is poised to make a historic return to the global stock market with plans to invest in multinational corporations. This move marks Ethiopia’s reentry into international equity markets after more than a century, following Emperor Menelik II’s pioneering investments in New York stocks in

January 29, 2025 • By Addis Insight

Business

Ahaz Platforms: Bridging the Digital Divide in Ethiopia

Founded in September 2021, Ahaz Platforms PLC is a mission-driven company determined to close the digital literacy gap in Ethiopia. With a focus on making education accessible, consistent, and transformative, Ahaz has become a beacon of innovation through its flagship project, Ahazawi—a digital learning platform designed to revolutionize how education is delivered and experienced. Tackling

January 28, 2025 • By Addis Insight

Business

Why Ethiopia’s Forex Bureaus Are Offering Rates Banks Can’t Match

Since the launch of Ethiopia’s foreign exchange bureaus in October 2024, the country has seen a transformative shift in its currency exchange landscape. The shift to a market-based foreign exchange system, coupled with opening of new forex bureaus, is significantly improving access to foreign currency. This transition is helping streamline transactions, reduce reliance on the

January 27, 2025 • By Addis Insight

Business

A Letter to the Ministry of Finance: Harnessing Bitcoin Mining for Ethiopia’s Economic Future

Dear Ministers and Directors, We write to you on behalf of Project Mano, an Ethiopian-led Bitcoin-focused nonprofit initiative. We respectfully submit this detailed proposal to underscore why Ethiopia must urgently embrace state-powered Bitcoin mining and establish its own national Bitcoin reserve. We also respectfully submit this thorough proposal to address Ethiopia’s persistent trade deficit, surging

January 27, 2025 • By Addis Insight

Business

Ethio-Djibouti Railway to Launch Passenger Services in February

Addis Ababa, Ethiopia – Ethio-Djibouti Railway (EDR) Share Company has announced its highly anticipated launch of passenger transport services, set to begin in February 2025. The move marks a significant milestone for the company as it shifts toward providing efficient and modern transportation options between Ethiopia and Djibouti. The company’s CEO, Engineer Takele Uma, confirmed

January 25, 2025 • By Addis Insight

Business

Customs Commission Revises Price Verification Guidelines for Imported Goods

The Customs Commission has announced updates to the price verification system for goods imported by manufacturers, revising the Customs Duty and Tax Payment Value Determination Guideline No. 158/2011. This move is intended to address longstanding complaints from manufacturers regarding delays in determining the price of imported goods and streamline customs processes. The guideline, which has

January 24, 2025 • By Addis Insight

Business

Mohammed Al Amoudi Among the World’s Top 400 Billionaires in 2025

As of January 23, 2025, Mohammed Al Amoudi is ranked 317th on the Bloomberg Billionaires Index, placing him firmly among the world’s top 400 billionaires. With an estimated net worth of $9.07 billion, Al Amoudi’s business interests span energy, mining, agriculture, and real estate, making him a key figure in global industries and one of

January 23, 2025 • By Addis Insight

Business

Ethiopian Airlines Expands Cargo Fleet with Boeing 777 Freighter

Ethiopian Airlines, the largest airline in Africa and a leading global air freight operator, has announced the addition of a state-of-the-art Boeing 777 Freighter, ET-BAB, to its ever-growing cargo fleet. This strategic move further strengthens Ethiopian Cargo’s capacity to meet the increasing global demand for efficient, reliable, and environmentally conscious air freight services. A New

January 23, 2025 • By Addis Insight