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Category: Market

Ethiopia’s Birr Plummets by 82% to 103.94: CBE Leads the Charge in Currency Float
Business

Ethiopia’s Birr Plummets by 82% to 103.94: CBE Leads the Charge 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 the Commercial Bank of Ethiopia (CBE). This represents an astonishing

August 2, 2024 • By Addis Insight
Prime Minister Calls Banks’ Efforts Inadequate in Closing the Exchange Rate Gap with the Black Market
Business

Prime Minister Calls Banks’ Efforts Inadequate in Closing the Exchange Rate Gap with the Black Market

In a recent address to various segments of the public, including regional leaders, ministers, and investors, Prime Minister Abiy Ahmed urged Ethiopian banks to take decisive action to reduce the significant gap between the official exchange rate and the black market rate. Highlighting the urgency of the issue, the Prime Minister emphasized that the current

August 2, 2024 • By Addis Insight
Ethiopia Announces 300% Salary Increase for Low-Income Government Employees
Business

Ethiopia Announces 300% Salary Increase for Low-Income Government Employees

Salary Increase for Government Employees: A Response to Economic Challenges In a recent address, Prime Minister Abiy Ahmed (Dr.) outlined significant salary revisions for government employees as part of the Ethiopian government’s broader macroeconomic reforms. This decision comes in response to the economic challenges posed by inflation, particularly affecting low-income workers. Prime Minister Abiy Ahmed

August 1, 2024 • By Addis Insight
5 Things to Know About the National Bank of Ethiopia’s New Foreign Exchange Guidelines
Business

5 Things to Know About the National Bank of Ethiopia’s New Foreign Exchange Guidelines

The National Bank of Ethiopia (NBE) has released a comprehensive new guideline to regulate the country’s foreign exchange market, set to take effect on July 29, 2024. This directive aims to streamline and standardize forex transactions among authorized banks and foreign exchange bureaus, enhancing transparency and stability in the forex market. Key Highlights of the

July 31, 2024 • By Addis Insight
World Bank Approves $1.5 Billion Initiative, Commits $6 Billion for Ethiopia’s Growth
Business

World Bank Approves $1.5 Billion Initiative, Commits $6 Billion for Ethiopia’s Growth

Washington, July 30, 2024 — The World Bank’s Board of Executive Directors has approved the Ethiopia First Sustainable and Inclusive Growth Development Policy Operation, a substantial financial initiative aimed at bolstering Ethiopia’s economic reform agenda. This operation, consisting of $1 billion in grants and $500 million in concessional credit from the International Development Association (IDA),

July 30, 2024 • By Addis Insight
Ethiopian National Bank Sets Limits on Foreign Currency Purchases: Up to $10,000 for Travelers and Businesses
Business

Ethiopian National Bank Sets Limits on Foreign Currency Purchases: Up to $10,000 for Travelers and Businesses

The National Bank of Ethiopia has introduced new guidelines for acquiring foreign currency within the country, aimed at both Ethiopian nationals and foreign residents. These regulations, primarily geared towards facilitating travel-related needs, outline specific procedures and limits for individuals and businesses. Who Can Buy Foreign Currency? The guidelines specify that only Ethiopians traveling abroad or

July 30, 2024 • By Addis Insight
NBE’s New Forex Rules: 10 Key Points to Know as Birr Drops 30%
Business

NBE’s New Forex Rules: 10 Key Points to Know as Birr Drops 30%

Ethiopia’s National Bank Issues Comprehensive Foreign Exchange Directive Amid Currency Devaluation The National Bank of Ethiopia (NBE) has released a new directive aimed at regulating the foreign exchange market, introducing measures to enhance transparency, stability, and competitiveness. The directive, titled “Foreign Exchange Directive No. FXD/01/2024,” outlines comprehensive regulations affecting banks, authorized dealers, and businesses engaged

July 29, 2024 • By Addis Insight
Ethiopia Implements Market-Based Exchange Rate System
Business

Ethiopia Implements Market-Based Exchange Rate System

Ethiopia Implements Market-Based Exchange Rate System Addis Ababa, July 2024 – The Ethiopian government has announced the implementation of a market-based exchange rate system, marking a significant shift in the country’s economic policy. This change is part of the broader Home-Grown Economic Reform Program (HGER 2.0), aimed at modernizing the economic framework and addressing long-standing

July 28, 2024 • By Addis Insight
National Bank of Ethiopia Issues New Directive on Bank Investments
Business

National Bank of Ethiopia Issues New Directive on Bank Investments

The National Bank of Ethiopia (NBE) has introduced a new directive aimed at regulating the investment activities of banks within the country. This move is part of the NBE’s broader strategy to deepen Ethiopia’s capital markets and ensure the stability and soundness of the banking sector. Key Highlights of the Directive Equity Investment Limits:The directive

July 19, 2024 • By Addis Insight