Business

Ethiopia Lifts Foreign Currency Restrictions on Goods, Keeps Vehicle Limits”

The Ministry of Finance has announced that the foreign exchange restriction on certain items has been repealed, except for fully equipped domestic automobiles and three-wheeled vehicles classified under Article 87.03 of the Tariff Book, which remain restricted. It is recalled that the government imposed a ban on the use of bank foreign exchange for certain

July 30, 2024 • By Addis Insight

Business

Lijinet Launches: A New YouTube Channel Bringing Ethiopian Culture to Kids

‘Lijinet,’ a newly launched YouTube channel, offers a unique and engaging platform for Ethiopian children, blending entertainment and education in an interactive format. The channel’s name, meaning ‘childhood’ in Amharic, reflects its focus on content that is both culturally relevant and educational. Selamawit Mindaye, the founder of ‘Lijinet,’ was inspired to create the channel after

July 30, 2024 • By Addis Insight

Business

NBE’s New Forex Rules: 10 Key Points to Know as Birr Drops 30%

Ethiopia’s National Bank Issues Comprehensive Foreign Exchange Directive Amid Currency Devaluation The National Bank of Ethiopia (NBE) has released a new directive aimed at regulating the foreign exchange market, introducing measures to enhance transparency, stability, and competitiveness. The directive, titled “Foreign Exchange Directive No. FXD/01/2024,” outlines comprehensive regulations affecting banks, authorized dealers, and businesses engaged

July 29, 2024 • By Addis Insight

Business

Ethiopia Implements Market-Based Exchange Rate System

Ethiopia Implements Market-Based Exchange Rate System Addis Ababa, July 2024 – The Ethiopian government has announced the implementation of a market-based exchange rate system, marking a significant shift in the country’s economic policy. This change is part of the broader Home-Grown Economic Reform Program (HGER 2.0), aimed at modernizing the economic framework and addressing long-standing

July 28, 2024 • By Addis Insight

Business

Ethiopian Airlines to Begin Night Flights Between Addis Ababa and Mekelle

Addis Ababa, July 28, 2024 — Ethiopian Airlines has announced the commencement of night flights between Addis Ababa and Mekelle, starting Monday, July 29, 2024. This new service aims to provide passengers with increased flexibility and additional travel options within the country. The introduction of night flights is part of Ethiopian Airlines’ ongoing efforts to

July 27, 2024 • By Addis Insight

Business

Ethiopian Shipping and Logistics Reports 8.8 Billion Birr Profit, Exceeding Targets by 32%

Ethiopian Shipping and Logistics (ESL), a major player in the transportation and logistics sector, has reported significantly higher profits than anticipated for the 2023/24 budget year. Berisso Amallo, CEO of ESL, announced that the company’s income surged past projections by 12.7%, culminating in a revenue of over 57 billion birr. The company demonstrated remarkable financial

July 26, 2024 • By Addis Insight

Business

NINJA 2024 Acceleration Program Announces Final Six Startups Heading to GITEX Dubai

The NINJA 2024 Acceleration Program has revealed the six startups selected to participate in its prestigious three-month program, culminating in a showcase at GITEX Dubai. This year’s finalists include Kabba Transport, Marakisoft Technologies Pvt.Ltd.Co, DrongoERP, FutureX Educational Consultancy, Tewos Technology, and Waza Addis Trading plc. The announcement highlights the program’s ongoing commitment to nurturing innovation

July 25, 2024 • By Addis Insight

Business

Ethiopian Airlines Takes Over Gorgora Resort Management

Ethiopian Airlines has officially taken over the management of Gorgora Resort, which will now operate under the Ethiopian Skylight Hotel brand. This significant development was announced during a formal agreement ceremony held at the Ethiopian Skylight Hotel today. Ceremony Highlights and Attendees The event saw the presence of key dignitaries, including Arega Kebede, the President

July 23, 2024 • By Addis Insight

Business

Nearly Ten Years of Service: Savor Addis Closes First Location Amid Eviction, Opens New Branch

Savor Addis, a renowned restaurant in Addis Ababa, recently announced the closure of its first location after nine years of operation. This decision coincides with the sudden eviction of the Eneredada Multipurpose Consumers Union, which managed the property for 47 years. The union, comprising over 270 members, received an abrupt directive to vacate the premises

July 22, 2024 • By Addis Insight

Business

Simonpietro Salini, Renowned Builder and Friend of Ethiopia, Passes Away

Addis Ababa, July 21, 2024 – The construction world mourns the loss of Simonpietro Salini, a key figure in the global infrastructure sector and a dedicated supporter of Ethiopia’s development. Salini, who played a vital role in the transformation of Webuild Group (formerly Salini Impregilo), passed away recently, leaving behind a legacy marked by monumental

July 21, 2024 • By Addis Insight