Business

Ethiopia’s Real Estate Response to the Recent Foreign Currency Reform

In a major economic move, the National Bank of Ethiopia has shifted from a decades-long, fixed exchange rate to a market-based foreign exchange rate. This reform aims to restore market balance and stability, ushering in a new era for Ethiopia’s financial environment. While the change has sparked debate among economists and business leaders, with public

August 7, 2024 • By Addis Insight

Business

Ethiopia Immigration Service Passport Fees Increased by 733%: New Rate Effective Tomorrow

The Ethiopian Immigration and Citizenship Service has announced a revised fee structure for various services, including passport issuance, expedited services, and more. These changes are set to take effect from August 1, 2016, following approval by the Council of Ministers. The updated fees aim to streamline the process and ensure efficient service delivery to the

August 6, 2024 • By Addis Insight

Business

Ethiopia Immigration Service Passport Fees Increased by 733%: New Rate Effective Tomorrow

The Ethiopian Immigration and Citizenship Service has announced a revised fee structure for various services, including passport issuance, expedited services, and more. These changes are set to take effect from August 1, 2016, following approval by the Council of Ministers. The updated fees aim to streamline the process and ensure efficient service delivery to the

August 6, 2024 • By Addis Insight

Business

NBE Announces Special Foreign Exchange Auction to Manage Market Dynamics

The National Bank of Ethiopia (NBE) has announced a Special Foreign Exchange Auction scheduled for August 7, 2024. This auction allows interested banks to bid for US dollars, an essential step in managing foreign exchange reserves and ensuring currency stability within the country. Background and Purpose Foreign exchange auctions are a critical tool used by

August 6, 2024 • By Addis Insight

Business

Ethiopia’s Economic Surf: Riding the Reform Wave to Sustainability

                                    By Eyob Asfaw The Sunday night of the date- July 28 was different for Ethiopians living elsewhere within its boundary; especially for the urban elites who access the media and can easily resonate what was said.  On that date, the government unusually released a communique on which announced the macro-economic reforms, including its u-turn

August 6, 2024 • By Addis Insight

Business

Genesis Investment Bank Set to Launch with Comprehensive Financial Services Portfolio

Addis Ababa, Ethiopia – Genesis Investment Bank™, a new financial institution founded by Ermias Amelega, is preparing to enter the market with a broad range of financial services. The bank aims to provide comprehensive solutions including underwriting, venture capital, private equity, and asset management, targeting both local clients and foreign investors looking to engage with

August 5, 2024 • By Addis Insight

Business

Federal Government Introduces 551 Billion Birr Budget Increase

Federal Government to Present Additional Budget of 551 Billion Birr State Minister of Finance, Dr. Eyob Tekaleni, announced that the federal government will present an additional budget of 551 billion birr to the House of Representatives. This budget, which was approved by the government in June 2017, will bring the total budget for the fiscal

August 5, 2024 • By Addis Insight

Business

IMF Agrees to $950 Million Exemption for Koysha Hydroelectric Dam and Project Completion

IMF Support for Ethiopia’s Macroeconomic Reform Program The Board of the International Monetary Fund (IMF) has recently endorsed Ethiopia’s macroeconomic reform program, detailing the decision and the agreements made with the Ethiopian government. A central aspect of this support is the Koysha Hydroelectric Dam project, a pivotal development initiative for the country. Koysha Hydroelectric Dam

August 4, 2024 • By Addis Insight

Business

Ethiopian Airlines Under Fire: Kenyan Woman Plans to Sue Over Passport Confiscation and Video Deletion

Kenyan Woman Removed from Ethiopian Airlines Flight Speaks Out A Kenyan woman who was removed from an Ethiopian Airlines flight to allegedly make room for a minister has shared her distressing experience, sparking a wave of public outrage. In a viral video, she revealed that despite having confirmed reservations, she and her husband were offloaded

August 3, 2024 • By Addis Insight

Business

NBE Governor Mamo Mehretu Announces $2.5 Billion Transfer from IMF and World Bank

The governor of the National Bank, Mamo Mehretu, said that so far, 2.5 billion dollars have been transferred to the National Bank from the International Monetary Fund (IMF) and the World Bank. On the other hand, he stated that only 18 percent of imported consumer goods are imported using foreign currency. He pointed out that

August 2, 2024 • By Addis Insight