Business

The third phase of the Renaissance Dam filling to begin in July

The third phase of the Renaissance Dam filling is expected to begin in July Testing of the second turbine has already begun. It has been almost three months since the first turbine start generating power. A senior official of the Renaissance Dam, who spoke on condition of anonymity, told The Reporter that the flow of

June 6, 2022 • By Addis Insight

Business

Black Market exchange depreciating after NBE reduced its presence in Togo-Wuchale

The black market is depreciating sharply following the National Bank’s move Last week, the National Bank of Ethiopia (NBE) decided to reduce the number of bank branches in Togo-Wuchale, a border town, according to local sources. The town of Togo, located on the border between the Somali region and Somaliland, is known for its border

June 6, 2022 • By Addis Insight

Business

ZayRide won a legal battle over Hybrid (Ride)

ZayRide won a legal battle over Hybrid (Ride). Two years ago Ride sued Zayride for using the word Ride in their brand. The court battle resulted in the suspension of Zayride Bank account. ZayRide is an on-demand taxi and ambulance dispatching application that connects riders and drivers. It also has a delivery service.

June 6, 2022 • By Addis Insight

Business

Ministry of Innovation & Technology Sets Up More than 16 Tech Hubs

Ministry of Innovation and Technology says more than 16 technology incubation centers have been set up in different cities of the country. More than 16 technology incubation centers have been set up in Addis Ababa and other regional cities, according to the Ministry of Innovation and Technology. The new science, technology and innovation policy has

June 6, 2022 • By Addis Insight

Business

National Bank of Ethiopia vows to take action on crypto-traders

The Bank urges the public to beware of such illegal activities as the use of digital currencies such as cryptocurrencies, bitcoin and other currencies in Ethiopia is not recognized by the National Bank of Ethiopia. The National Bank of Ethiopia (NBE) has issued a proclamation stating that the currency of Ethiopia is Birr and all

June 6, 2022 • By Addis Insight

Business

Ethiopian Airlines signed partnership with Israel Aerospace Industries (IAI)

Ethiopian Airlines signed an agreement with Israel Aerospace Industries (IAI) to set up a conversion center in Addis Ababa. The new IAI facility will serve as an extension of Ethiopian’s MRO center, allowing it to convert Boeing 767-300 airliners into cargo aircraft. According to IAI’s press release, the new site is going to become the

June 4, 2022 • By Addis Insight

Business

Ministry of Mines Inaugurated State of The Art Gallery

Ethiopian Mining Gallery inaugurated by the Ministry of Mines.Members of the diplomatic community, industry and investors, as well as senior government officials, including German Ambassador Stephen Urn, attended the graduation ceremony. State Minister of Mines Million Matthews said mining is a major growth option. He said the gallery, which will be open to the public

June 4, 2022 • By Addis Insight

Business

Bethlehem Tilahun Inducted into the Global Business Hall of Fame

Bethlehem founded soleRebels when she saw skilled artisans in her community in Zenebework living with chronic unemployment. soleRebels allows them to showcase their skills and provides sustainable jobs. Since it opened in 2005, soleRebels has flourished. The company has grown to 300 employees in Ethiopia, and products are distributed to 30 countries worldwide, including through

June 4, 2022 • By Addis Insight

Business

Private commercial banks are charging up to 30 Birr per US dollar to allow foreign exchange

Private commercial banks are charging up to 30 Birr per US dollar to allow foreign exchange for their importing customers, according to Wazema Radio. According to the importers , the official sale price of one US dollar is 52 birr to 64 cents to be approved by foreign commercial banks. The sale of foreign exchange

June 3, 2022 • By Addis Insight

Business

NBE unsuspended Cashgo & Mama’s Pay Remittance Apps

Digital remittance applications that have been suspended for almost 3 months by order of the National Bank are about to be launched. Apps Cashgo and Mama Pay, which are operated by the Bank of Abyssinia, have been suspended due to non-compliance. “Cashgo” is produced by Solgett, and Mama Pays is produced by Bell Cash. Sources

June 2, 2022 • By Addis Insight