Business

Ethiopia’s Money Market Auctions in Decline: Fewer Banks, Bigger Bids, and What’s Next

Participation in Ethiopia’s open market operation (OMO), the central money market auction introduced by the National Bank of Ethiopia (NBE) in July, has steadily decreased, despite initial enthusiasm from financial institutions. While the ratio of participation grew initially, engagement has since slowed down, highlighting concerns over the effectiveness of the instrument in maintaining liquidity within

September 9, 2024 • By Addis Insight

Business

Rising Costs and Festive Spirits: The Impact of Ethiopia’s New FX Regime

The Ethiopian New Year is a time for family gatherings, new clothes, and fresh starts. Yet this year, the festive mood is marred by financial stress. As families shop for the holiday, they are finding that their birr doesn’t stretch as far, making essentials like food and gifts more expensive. The new market-based foreign exchange

September 8, 2024 • By Addis Insight

Business

Korean Government Commits $2 Billion Financing for Ethiopian Projects

Addis Ababa, Ethiopia – The Korean government has agreed to provide $2 billion in financing for eight key development projects in Ethiopia over the next two years. This funding will be facilitated through Korea’s Economic Development Cooperation Fund (EDCF) via its executive agency, EXIM Bank. The announcement comes after the Ethiopian government, on May 21,

September 8, 2024 • By Addis Insight

Business

Ethiopia’s Upcoming Salary Increase Set to Launch on September 11

A letter from the Ministry of Finance confirms that one of the key promises of the government’s macroeconomic reform—a wage increase—will take effect on September 11, 2024. Over the past few hours, an image of a letter purportedly from the Ministry of Finance, along with a calculation showing the new salary scale, has been widely

September 6, 2024 • By Addis Insight

Business

Ethiopian Development Bank President Dr. Yohannes Ayalew Submits Resignation

Dr. Yohannes Ayalew, who has served as the president of the Ethiopian Development Bank (DBE) for the past four years, has officially submitted his resignation, according to media reports. His departure marks the end of a tenure during which he introduced several reforms aimed at improving the bank’s operations. However, the bank has also faced

September 6, 2024 • By Addis Insight

Business

The Complex Role of Bill Gates in Ethiopian Agriculture and Healthcare: A Double-Edged Sword by Bekan Bekele

By Bekan Bekele Bill Gates recently visited Ethiopia, to witness the progress of projects his foundation has been deeply involved with for years along with other agricultural initiatives outside of his foundation. While his initiatives aim to advance key sectors like agriculture and healthcare, the impact of his involvement is a subject of heated debate.

September 6, 2024 • By Addis Insight

Business

New Online Service by Unite.et Enables Remote Bank Account Registration for Ethiopians Abroad

Unite.et, a new online service, has launched to enable Ethiopians living abroad to remotely register and open local bank accounts in both local and foreign currencies. The platform aims to facilitate access to banking services for the Ethiopian diaspora, providing a variety of financial services without requiring users to visit a physical branch in Ethiopia.

September 6, 2024 • By Addis Insight

Business

Ethiopia and China Seal Historic Currency Swap Deal: Strengthening Trade Ties

On August 30, 2016, Ethiopia and China agreed to trade in Birr and Yuan, strengthening the economic ties between the two nations. This agreement is believed to have been reached during talks between Ethiopian Prime Minister Abiy Ahmed and Chinese President Xi Jinping. According to Finance Minister Ahmed Shide, the two countries’ national banks have

September 5, 2024 • By Addis Insight

Business

Private Equity Firm 8 Miles, Backed by Bob Geldof, Exits Majority Stake in Ethiopia’s Awash Wines

Private equity firm 8 Miles, associated with Irish rockstar and philanthropist Bob Geldof, has divested the majority of its stake in Awash Wines, a leading Ethiopian wine producer, for an undisclosed amount. 8 Miles spearheaded a consortium that acquired 100% ownership of Awash Wines in July 2013. In September 2024, it sold an 89% stake

September 5, 2024 • By Addis Insight

Business

Transformative Afforestation Project in Ethiopia Listed on Verra 

Date: September 2, 2024 Addis Ababa, Ethiopia We are thrilled to announce that African Bamboo’s afforestation, reforestation, and revegetation(ARR) carbon project has been officially listed on Verra, marking a significant step forward in our efforts to enhance environmental sustainability and support rural highland communities in Ethiopia. Khalid Duri, founder and CEO said:  “This listing on

September 5, 2024 • By Addis Insight