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ADDISINSIGHT

Global Perspective, Local Depth

Category: Business

Genesis Investment Bank Set to Launch with Comprehensive Financial Services Portfolio
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
Federal Government Introduces 551 Billion Birr Budget Increase
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
IMF Agrees to $950 Million Exemption for Koysha Hydroelectric Dam and Project Completion
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
NBE Governor Mamo Mehretu Announces $2.5 Billion Transfer from IMF and World Bank
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
Birr Falls 58 % to 90.78 as Dashen Bank Takes the Lead in Currency Float
Business

Birr Falls 58 % to 90.78 as Dashen Bank Takes the Lead in Currency Float

Ethiopia recently made a significant shift in its monetary policy by floating its currency, the birr. This move has led to a sharp devaluation, with the exchange rate plummeting from 57 birr per US dollar a week ago to the current rates as indicated by Dashen Bank. This represents an astonishing devaluation of approximately 58%.

August 2, 2024 • By Addis Insight
Ethiopia’s Birr Plummets by 82% to 103.94: CBE Leads the Charge in Currency Float
Business

Ethiopia’s Birr Plummets by 82% to 103.94: CBE Leads the Charge in Currency Float

Ethiopia recently made a significant shift in its monetary policy by floating its currency, the birr. This move has led to a sharp devaluation, with the exchange rate plummeting from 57 birr per US dollar a week ago to the current rates as indicated by the Commercial Bank of Ethiopia (CBE). This represents an astonishing

August 2, 2024 • By Addis Insight
Prime Minister Calls Banks’ Efforts Inadequate in Closing the Exchange Rate Gap with the Black Market
Business

Prime Minister Calls Banks’ Efforts Inadequate in Closing the Exchange Rate Gap with the Black Market

In a recent address to various segments of the public, including regional leaders, ministers, and investors, Prime Minister Abiy Ahmed urged Ethiopian banks to take decisive action to reduce the significant gap between the official exchange rate and the black market rate. Highlighting the urgency of the issue, the Prime Minister emphasized that the current

August 2, 2024 • By Addis Insight
Ethiopia Announces 300% Salary Increase for Low-Income Government Employees
Business

Ethiopia Announces 300% Salary Increase for Low-Income Government Employees

Salary Increase for Government Employees: A Response to Economic Challenges In a recent address, Prime Minister Abiy Ahmed (Dr.) outlined significant salary revisions for government employees as part of the Ethiopian government’s broader macroeconomic reforms. This decision comes in response to the economic challenges posed by inflation, particularly affecting low-income workers. Prime Minister Abiy Ahmed

August 1, 2024 • By Addis Insight
All Self-Proclaimed Pan-Africanists are Yielding to the Will of Western Financial Institutions
Business

All Self-Proclaimed Pan-Africanists are Yielding to the Will of Western Financial Institutions

All Self-Proclaimed Pan-Africanists are Yielding to the Will of Western Financial Institutions: My Take on Ethiopia Changing Course to Float Its Currency Against the Dollar By- Gatkek Kuajien Chuol From Ghana to Kenya to Ethiopia, no African country seems spared from the influence of Western financial institutions, which pressure them to align with their interests.

August 1, 2024 • By Addis Insight