Business

NBE Prepares to Announce Credit Cap Reform Amid Inflation Ease

In an effort to relieve inflation, the National Bank of Ethiopia (NBE) has introduced a 14 percent cap on credit growth for commercial banks. This policy is part of a broader strategy announced on August 11, 2023, which includes several measures to stabilize the economy. The goal is clear: to bring inflation down to below

December 3, 2024 • By Addis Insight

Business

28 Ethiopian Banks Reportedly Defrauded of 1.3 Billion Birr in One Year

It has been reported that 28 Ethiopian banks lost a total of 1.3 billion birr to fraudsters in the past year. This figure represents an increase of 300 million birr compared to the previous year. Only three banks are said to have been unaffected by the fraud. The National Bank of Ethiopia released its annual

December 3, 2024 • By Addis Insight

Business

Ethiopia’s Financial Sector: A Deep Dive into Stability, Growth, and Emerging Opportunities

The National Bank of Ethiopia (NBE) has unveiled its second Financial Stability Report, offering a comprehensive analysis of the country’s financial system during the fiscal year ending June 2024. Amid significant economic reforms, the report underscores Ethiopia’s resilience in navigating global and domestic challenges while laying the groundwork for a modern, inclusive financial landscape. Economic

December 2, 2024 • By Addis Insight

Business

National Bank of Ethiopia Mandates National ID for Banking: A Major Step Towards Secure Financial Systems

The National Bank of Ethiopia (NBE) has announced a groundbreaking decision to make the National ID (commonly referred to as Fayda) mandatory for opening and maintaining bank accounts across the country. This initiative, communicated to financial institutions on November 26, 2024, marks a transformative move to enhance the security, transparency, and inclusiveness of Ethiopia’s financial

November 30, 2024 • By Addis Insight

Business

Ethiopian Airlines Increases Weekly Flights to New York, Offering Daily Service Starting December 1

Ethiopian Airlines has announced an increase in its weekly flight schedule between Addis Ababa and New York, raising the frequency from four to seven flights per week. This change, effective December 1, 2024, marks a significant shift as the airline will begin operating daily flights on the route starting Sunday. The adjustment to a daily

November 29, 2024 • By Addis Insight

Business

From Hydroelectric Power to Bitcoin: Ethiopia’s Rise as a Mining Hub

Ethiopia is quickly emerging as a significant hub in the Bitcoin mining industry, having generated an impressive $55 million over the past ten months. This remarkable growth can be largely attributed to the country’s abundant and affordable energy resources, especially hydropower, which have attracted numerous companies, particularly those relocating from China since. The Ethiopian Electric

November 29, 2024 • By Addis Insight

Business

Awash Bank and Amhara Bank Lead the Way in Interoperable QR Payments

In a significant step toward modernizing Ethiopia’s payment ecosystem, Awash Bank and Amhara Bank have successfully tested the country’s first interoperable QR payment system. The initiative, spearheaded by EthSwitch, was showcased during a workshop at the Sheraton Addis, which brought together key stakeholders from Ethiopia’s financial sector, government agencies, and technology providers. The event provided

November 29, 2024 • By Addis Insight

Business

10 Must-Know Facts About Ethiopia’s Grand Renaissance Dam: Africa’s Energy Revolution!

1. Africa’s Largest Hydropower Project GERD is the largest hydropower project on the African continent. Once completed, it will have a generation capacity of 6,450 megawatts (MW), making it one of the largest in the world. This is nearly twice the size of the next largest African dam, the Inga 3 project in the Democratic

November 29, 2024 • By Addis Insight

Business

Ethiopia to Open Fuel Import Market to Private CompaQnies, Minister Kasahun Announces

In a groundbreaking move, Ethiopia’s Minister of Trade and Regional Relations, Dr. Kasahun Goffe, revealed that the government plans to open the fuel importation sector to private companies, ending the state monopoly that has existed for years. This decision is part of the government’s broader initiative to liberalize various business sectors and encourage market competition.

November 28, 2024 • By Addis Insight

Business

Ethiopia’s Economic Reform Gains Momentum: IMF Unlocks $251 Million Boost

The International Monetary Fund (IMF) has reached a significant milestone with Ethiopia, concluding a staff-level agreement on the second review of the four-year Extended Credit Facility (ECF) arrangement. This agreement underscores the progress Ethiopia is making in its homegrown economic reform program, signaling hope for continued growth and stability. A Strategic Partnership for Economic Reform

November 27, 2024 • By Addis Insight