Business

Why Ethiopian Import and Export Traders Are Reluctant to Take Dollars from Banks Despite Cash Availability at Lower Rates

Despite a recent foreign exchange reform by the National Bank of Ethiopia (NBE) and substantial dollar allocations by the Commercial Bank of Ethiopia (CBE), Ethiopian import and export traders remain reluctant to access foreign currency from banks. Between July 22, 2024, and September 30, 2024, CBE distributed over USD 282 million across various sectors, yet

October 14, 2024 • By Addis Insight

Business

Ethio Telecom to Offer 10% Stake to Local Investors via TeleBirr App

Ethio Telecom, the state-owned telecommunications company, has been granted a broker license by the Capital Markets Authority of Ethiopia, enabling the company to sell 10% of its stake directly to local investors through its TeleBirr application. This initiative marks a shift from the previously planned method of selling shares through the Ethiopian Securities Market. According

October 13, 2024 • By Addis Insight

Business

Ethiotelecom’s 10% Public Share Sale: A Turning Point for Ethiopia’s Telecom Market

Ethiotelecom, Ethiopia’s state-owned telecommunications giant, has announced plans to begin selling 10 percent of its shares to the public. This marks a historic moment in the company’s 130-year legacy of providing cutting-edge telecom services across the country. The sale, which is set to commence on Wednesday, October 23 , 2024, follows the government’s recent decision

October 12, 2024 • By Addis Insight

Business

Commercial Bank of Ethiopia Allocates Over USD 282 Million in Foreign Exchange After Major Reform

Commercial Bank of Ethiopia Allocates Over USD 282 Million in Foreign Exchange After Major Reform Addis Ababa, Ethiopia — July 22, 2016 Following the National Bank of Ethiopia’s (NBE) overhaul of the foreign exchange management system, the Commercial Bank of Ethiopia (CBE) has announced the distribution of over USD 282 million to various sectors between

October 11, 2024 • By Addis Insight

Business

Ethiopia to Introduce Mandatory Licensing for Real Estate Valuers, Enhancing Market Trust

Ethiopia is set to introduce a mandatory licensing system for real estate valuers as part of its new Real Estate Development and Immovable Property Transaction and Valuation Bill. The primary goal of this new regulation is to establish a more transparent, reliable, and professional property valuation process in the country. By ensuring that only certified

October 11, 2024 • By Addis Insight

Business

Proposed Bill Enforces 80% Completion Requirement for Real Estate Sales

Real estate developers who sell houses before construction begins must deposit the money they collect in a closed bank account. They are also prohibited from handing over houses to customers unless the construction is at least 80 percent complete. Bill Submission to the House of Representatives The bill was submitted to the House of Representatives

October 10, 2024 • By Addis Insight

Business

Ride Raises Fare to 130 Birr: How Fuel Reforms Impact Your Ride

Ride Transport Service has announced a price increase following the recent fuel and economic reforms. The service, which initially charged 100 Birr, has now increased to 130 Birr as of yesterday. Additionally, they stated that with the new price revision, there is also an increase of 1 Birr per kilometer. This price change follows the

October 10, 2024 • By Addis Insight

Business

Ethiopia Opens Doors: 20 Global Firms Licensed in Retail and Wholesale Sector

After the announcement of a new directive allowing foreign investors to engage in wholesale and retail business in Ethiopia, 71 international companies have expressed interest, and 20 licenses have been issued since July. It is worth recalling that two months ago, the Ethiopian Investment Board, chaired by the Prime Minister, decided to open up sectors

October 6, 2024 • By Addis Insight

Business

Minibus Operators Face Uncertain Future Amid New Licensing Threat

The Ethiopian Ministry of Transport and Logistics has introduced a strict new directive to improve public transportation safety and efficiency in line with Addis Ababa’s modernization efforts. While beneficial for the city, these changes create significant challenges for the public transport operators, especially minibus taxi operators, who now must obtain a competency license with stringent

October 5, 2024 • By Addis Insight

Business

Ethio Telecom Hikes International Call Rates by 658% Amid Rising Costs

Ethiopia’s state-owned telecom provider, Ethio Telecom, has announced a significant tariff increase across its services, citing rising operational expenses due to the country’s new floating exchange rate policy implemented two months ago. Range of Services Affected The new tariffs impact mobile services, fixed and wireless broadband, international calls, Telebirr transfers, and SMS. Ethio Telecom explained

October 3, 2024 • By Addis Insight