Business

National Bank of Ethiopia Sells USD at Average Rate of 132 Birr

Addis Ababa, May 7, 2025 — The National Bank of Ethiopia (NBE) sold U.S. dollars at an average exchange rate of 132.9643 birr during its most recent foreign currency auction held today, continuing its new auction-based approach to managing the country’s forex supply. According to the central bank, a total of 16 commercial banks participated

May 7, 2025 • By Addis Insight

Business

Ethiopia’s Hasab AI Launches Groundbreaking Voice Intelligence Platform for African Languages

Addis Ababa, Ethiopia — May 7, 2025 In a bold step toward tech inclusion and linguistic equity, Hasab AI, an Ethiopian startup co-founded by Kidus Yared, has officially launched a voice intelligence platform built specifically for low-resource and African languages. The announcement was made via LinkedIn, where Yared shared the team’s vision, technical breakthroughs, and

May 7, 2025 • By Addis Insight

Business

Ethiopia Ushers in New Era of Banking Reform with Basel-Aligned Capital Directive

Addis Ababa, May 7, 2025 — Ethiopia’s banking landscape is undergoing a major transformation as the National Bank of Ethiopia (NBE) unveils its most comprehensive regulatory reform yet. In a decisive move to modernize and fortify the financial sector, the NBE has issued Directive No. SBB/XX/2025, establishing Risk-Based Capital Adequacy Requirements for all banks operating

May 7, 2025 • By Addis Insight

Business

Ethiopia to Launch Unified Vehicle License Plates Featuring National Branding

Addis Ababa, Ethiopia – The Ministry of Transport and Logistics has issued a new directive mandating a nationwide overhaul of vehicle license plates, introducing a standardized design aimed at strengthening national identity and improving administrative efficiency. Under the new system, all vehicles registered in Ethiopia will adopt a uniform plate design featuring the letters “ET”

May 3, 2025 • By Addis Insight

Business

Council of Ministers Forwards Draft Proclamation on Foreign Ownership of Property to Parliament

April 23, 2017 – In its 44th regular session held today, the Council of Ministers unanimously agreed to forward a draft proclamation to the House of People’s Representatives. The draft aims to define the legal conditions under which foreigners can own or possess immovable property in Ethiopia. The proposed legislation establishes a framework that protects

May 1, 2025 • By Addis Insight

Business

Federal Government Launches “Mesob” One-Stop Digital Service Center

In a groundbreaking move towards digital transformation, the federal government has officially launched Mesob, a one-stop service platform designed to integrate multiple public services under one digital system. Utilizing state-of-the-art technology, Mesob enables citizens to access a wide range of federal services online, eliminating the need for physical visits, long queues, and cumbersome paperwork. Under

April 26, 2025 • By Addis Insight

Business

Ethiopia: Passport Services to Require National ID (Fayida) Starting June 1

Addis Ababa, April 18, 2017 (FMC) — In a major policy shift aimed at enhancing security and improving service delivery, Ethiopia’s Immigration and Citizenship Service has announced that a valid National ID, known as Fayida, will become a mandatory prerequisite for obtaining a passport, effective June 1, 2017. The Immigration and Citizenship Service disclosed that

April 26, 2025 • By Addis Insight

Business

Fitch Upgrades Ethiopia’s Local Currency Rating Amid Macroeconomic Reforms

April 26, 2025 Hong Kong – Fitch Ratings has upgraded Ethiopia’s Long-Term Local-Currency Issuer Default Rating (LTLC IDR) from ‘CCC-‘ to ‘CCC+’, citing easing financing pressures and improved macroeconomic stability. However, the country’s Long-Term Foreign-Currency IDR (LTFC IDR) remains at ‘RD’ (Restricted Default), reflecting its ongoing external debt restructuring efforts. The upgrade reflects a series

April 26, 2025 • By Addis Insight

Business

Ethio Telecom Sells Only 10.7% of 100 Million Shares After 121 Days of IPO Offering

Share Sale Results: Only a Fraction Sold Six months after launching Ethiopia’s first-ever Initial Public Offering (IPO), Ethio telecom announced it had sold just 10.7 million out of the 100 million ordinary shares on offer. Initially planned to run from October to January, the IPO was extended by an additional five weeks and officially closed

April 25, 2025 • By Addis Insight

Business

Lemi National Cement Powers Ethiopia’s Construction Boom with Over 12 Million Quintals Delivered

Lemi National Cement PLC is making major waves in Ethiopia’s construction industry, having supplied more than 12 million quintals of cement in just six months. This surge in distribution comes at a critical time, helping to ease the country’s long-standing cement shortage. With an impressive annual production capacity of 4.5 million metric tons, Lemi accounts

April 25, 2025 • By Addis Insight