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

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

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

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

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