Business

National Bank of Ethiopia Announces Results of Special FX Auction: Highest Bid at Birr 107.9 per USD

Addis Ababa, August 7, 2024 – The National Bank of Ethiopia (NBE) has successfully concluded its Special Foreign Exchange (FX) Auction, revealing a weighted average rate of Birr 107.9 per US Dollar. The auction, which took place today, saw participation from 27 banks. The NBE’s daily practice of updating exchange rates based on FX market

August 7, 2024 • By Addis Insight

Business

Ethiopian Oil Supply Company to Receive $670 Million from National Bank of Ethiopia

It has been announced that the Ethiopian Oil Supply Company, which buys and supplies the fuel the country needs from abroad, will receive 670 million dollars from the National Bank of Ethiopia for its payment obligations until sufficient foreign exchange capacity is built. In addition, the National Bank will provide foreign currency to local banks

August 7, 2024 • By Addis Insight

Business

Ethiopia’s Real Estate Response to the Recent Foreign Currency Reform

In a major economic move, the National Bank of Ethiopia has shifted from a decades-long, fixed exchange rate to a market-based foreign exchange rate. This reform aims to restore market balance and stability, ushering in a new era for Ethiopia’s financial environment. While the change has sparked debate among economists and business leaders, with public

August 7, 2024 • By Addis Insight

Business

Ethiopia Immigration Service Passport Fees Increased by 733%: New Rate Effective Tomorrow

The Ethiopian Immigration and Citizenship Service has announced a revised fee structure for various services, including passport issuance, expedited services, and more. These changes are set to take effect from August 1, 2016, following approval by the Council of Ministers. The updated fees aim to streamline the process and ensure efficient service delivery to the

August 6, 2024 • By Addis Insight

Business

Ethiopia Immigration Service Passport Fees Increased by 733%: New Rate Effective Tomorrow

The Ethiopian Immigration and Citizenship Service has announced a revised fee structure for various services, including passport issuance, expedited services, and more. These changes are set to take effect from August 1, 2016, following approval by the Council of Ministers. The updated fees aim to streamline the process and ensure efficient service delivery to the

August 6, 2024 • By Addis Insight

Business

NBE Announces Special Foreign Exchange Auction to Manage Market Dynamics

The National Bank of Ethiopia (NBE) has announced a Special Foreign Exchange Auction scheduled for August 7, 2024. This auction allows interested banks to bid for US dollars, an essential step in managing foreign exchange reserves and ensuring currency stability within the country. Background and Purpose Foreign exchange auctions are a critical tool used by

August 6, 2024 • By Addis Insight

Business

Genesis Investment Bank Set to Launch with Comprehensive Financial Services Portfolio

Addis Ababa, Ethiopia – Genesis Investment Bank™, a new financial institution founded by Ermias Amelega, is preparing to enter the market with a broad range of financial services. The bank aims to provide comprehensive solutions including underwriting, venture capital, private equity, and asset management, targeting both local clients and foreign investors looking to engage with

August 5, 2024 • By Addis Insight

Business

IMF Agrees to $950 Million Exemption for Koysha Hydroelectric Dam and Project Completion

IMF Support for Ethiopia’s Macroeconomic Reform Program The Board of the International Monetary Fund (IMF) has recently endorsed Ethiopia’s macroeconomic reform program, detailing the decision and the agreements made with the Ethiopian government. A central aspect of this support is the Koysha Hydroelectric Dam project, a pivotal development initiative for the country. Koysha Hydroelectric Dam

August 4, 2024 • By Addis Insight

Business

NBE Governor Mamo Mehretu Announces $2.5 Billion Transfer from IMF and World Bank

The governor of the National Bank, Mamo Mehretu, said that so far, 2.5 billion dollars have been transferred to the National Bank from the International Monetary Fund (IMF) and the World Bank. On the other hand, he stated that only 18 percent of imported consumer goods are imported using foreign currency. He pointed out that

August 2, 2024 • By Addis Insight

Business

Birr Falls 58 % to 90.78 as Dashen Bank Takes the Lead in Currency Float

Ethiopia recently made a significant shift in its monetary policy by floating its currency, the birr. This move has led to a sharp devaluation, with the exchange rate plummeting from 57 birr per US dollar a week ago to the current rates as indicated by Dashen Bank. This represents an astonishing devaluation of approximately 58%.

August 2, 2024 • By Addis Insight