Business

Ethiopia and Russia Expand Non-Dollar Trade Amid Potential U.S. Tariffs

Ethiopia has strengthened its economic ties with Russia by reaching a new trade agreement that allows transactions in their respective national currencies, bypassing the US dollar. This move is part of Ethiopia’s broader strategy to address its persistent foreign currency shortages while deepening trade relations with global partners outside the Western financial system. The agreement

February 3, 2025 • By Addis Insight

Business

Addis Ababa Revenue Bureau Establishes Quality Assurance Unit for Tax Audits

The Addis Ababa City Administration Revenue Bureau has announced the establishment of a new quality assurance unit to enhance the accuracy and fairness of tax audit decisions. This unit will be responsible for re-auditing tax assessments to ensure their quality and correctness. The newly formed unit aims to review audit decisions that were previously solely

February 3, 2025 • By Addis Insight

Business

Commercial Bank of Ethiopia Surpasses 1.4 Trillion Birr in Total Deposits

The Commercial Bank of Ethiopia (CBE) has achieved a significant milestone, with its total deposits exceeding 1.4 trillion birr. This accomplishment was announced during the bank’s half-year performance review for the 2017 fiscal year, highlighting its robust financial growth and operational efficiency. In the first six months of the fiscal year, the CBE successfully mobilized

February 3, 2025 • By Addis Insight

Business

Ethiopian Shipping and Logistics Reports 9.3 Billion Birr Profit in the First Half of the Fiscal Year

Addis Ababa, Ethiopia – Ethiopian Shipping and Logistics (ESL) has recorded a 9.3 billion birr profit in the first half of the 2024/25 fiscal year, significantly exceeding its initial financial projections. As Africa’s only deep-sea shipping operator, ESL continues to strengthen its foothold in the maritime logistics industry, contributing to Ethiopia’s trade and economic growth.

February 3, 2025 • By Addis Insight

Business

Ethiopia to Lift Lending Cap by September, Paving the Way for Credit Expansion

Ethiopia is set to remove its two-year-old lending cap by September 2025, a major shift aimed at stimulating credit growth and supporting economic expansion. The move, announced in the latest International Monetary Fund (IMF) review of Ethiopia’s economic reform program, is part of broader efforts to modernize the country’s financial sector and transition toward a

February 3, 2025 • By Addis Insight

Business

Bank Abyssinia Inaugurates Modern Banking Service Center in Collaboration with Chaka Buna

Bank Abyssinia inaugurated its state-of-the-art banking service center at its headquarters yesterday, January 22, 2017, in collaboration with Chaka Buna. The event was celebrated with great enthusiasm in the presence of the bank’s CEO, Ato Bekalu Zeleke, Chaka Buna owner, Ato Bisrat Belay, and other invited guests. Bank Abyssinia has always been at the forefront

January 31, 2025 • By Addis Insight

Business

Mastercard Foundation and Reach for Change Select 13 Game-Changing EdTech Startups to Transform Learning in Ethiopia

In a bold move to reshape education for underserved communities in Ethiopia, the Mastercard Foundation, in collaboration with Reach for Change, has announced the selection of 13 groundbreaking EdTech enterprises for its prestigious EdTech Fellowship. These startups have been chosen for their innovative approaches to addressing some of the country’s most pressing educational challenges, including

January 31, 2025 • By Addis Insight

Business

Ethiopian Electricity Service Introduces Mobile Recharge System for Prepaid Users

The Ethiopian Electricity Service (EES) has announced the implementation of STS smart single-phase meters under the Unified Prepayment Project, aimed at simplifying electricity payments and energy sales for prepaid meter users. According to EES, this project will address common complaints related to utility payments and enhance customer convenience by enabling users to purchase electricity anytime,

January 30, 2025 • By Addis Insight

Business

Ethiopian Banks Charge Hidden Fees, Driving Dollar Rate Up to 160 Birr

According to Wazema Radio, certain commercial banks in Ethiopia are charging additional fees beyond the legally mandated costs for foreign currency sales. Several import traders reported to Wazema Radio that when they request foreign currency from commercial banks, they are often told, “We don’t have it.” Instead, banks direct them to customers who already have

January 30, 2025 • By Addis Insight

Business

IMF Managing Director Kristalina Georgieva to Visit Ethiopia for High-Level Engagements

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, will undertake a two-day official visit to Ethiopia on February 8 and 9, 2025. This visit marks her first trip to the country since assuming the role of Managing Director in 2019 and highlights the IMF’s ongoing commitment to supporting Ethiopia’s economic development and

January 30, 2025 • By Addis Insight