Business

Proposed Bill Enforces 80% Completion Requirement for Real Estate Sales

Real estate developers who sell houses before construction begins must deposit the money they collect in a closed bank account. They are also prohibited from handing over houses to customers unless the construction is at least 80 percent complete. Bill Submission to the House of Representatives The bill was submitted to the House of Representatives

October 10, 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

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

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

IMF and Ethiopia Reach Preliminary Agreement on $3.4 Billion Extended Credit Facility

Addis Ababa, Ethiopia – It was announced today that the International Monetary Fund (IMF) and the Ethiopian government have reached a preliminary agreement regarding an extended credit facility. In a statement released by the IMF, the organization confirmed that it has agreed to provide Ethiopia with $3.4 billion over four years as part of this

September 28, 2024 • By Addis Insight

Business

Unlocking Ethiopia’s Gemstone Potential: Haimanot Sisay’s Journey as the First Gemstone School Founder

Haimanot Sisay’s journey from studying computer science to becoming a pioneering gemologist in Ethiopia is a compelling tale of passion, perseverance, and the transformative power of education. With a background that includes working as a flight attendant for Ethiopian Airlines and establishing her own gemstone export business, Haimanot has not only carved a niche for

September 25, 2024 • By Addis Insight

Business

Ethiopia’s Government Considers Berbera Port for Fuel Imports as Djibouti Depot Faces Capacity Declines

The Ethiopian government is awaiting a decision regarding the importation of fuel through Berbera Port in Somaliland, a move prompted by ongoing issues with fuel distribution and service capacity at the Horizon Oil Storage Depot in Djibouti. The Horizon depot has seen a reduction in service capacity, leading to disruptions in the fuel supply chain

September 25, 2024 • By Addis Insight

Business

Zemen Bank Mobilizes Over $500 Million in Foreign Currency During 2023/24 Fiscal Year

Zemen Bank has announced that it successfully mobilized over $500 million in foreign currency during the 2023/24 fiscal year. The bank reported a total of $566 million in foreign exchange mobilization, a notable achievement amid ongoing economic challenges in Ethiopia’s financial sector. Tewahido Tafesse, Chief Strategy and Marketing Officer of Zemen Bank, shared the details

September 25, 2024 • By Addis Insight

Business

Car Fuel Queues in Addis Ababa: Not a Supply Issue

Recent observations at gas stations across Addis Ababa have raised concerns about fuel availability; however, officials assert that the long lines are not due to a supply problem. Director Getachew Amonne of the Petroleum Authority announced, “We have confirmed that the rally of gasoline trucks in Addis Ababa city is not related to supply.” He

September 24, 2024 • By Addis Insight