Business

UAE and Ethiopia Forge Landmark Currency Swap Deal to Boost Trade and Investment

Addis Ababa (16 July 2024) – In a landmark financial collaboration, the Central Bank of the UAE (CBUAE) and the National Bank of Ethiopia (NBE) have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr. The agreement was formalized by His Excellency Khaled Mohamed Balama, Governor of the CBUAE, and His

July 16, 2024 • By Addis Insight

Business

AdGo Unveils New Out-Of-Home Advertising Platform in Ethiopia

AdGo has announced the launch of AdGo.ET, a new Out-Of-Home (OOH) advertising platform designed to simplify and enhance the advertising process for businesses in Ethiopia. The platform aims to provide a comprehensive range of advertising solutions, making it easier for companies to manage their campaigns from anywhere. New Advertising Solutions AdGo.ET offers a variety of

July 16, 2024 • By Addis Insight

Business

Ethiopian Airlines’ New Dollar-Only Policy: What It Means for Travelers and Businesses

Ethiopian Airlines has announced that airline tickets for passengers outside the country will now only be available for purchase in US dollars. Previously, international travelers could buy air transport tickets using birr if they visited Addis Ababa, but this change is effective immediately from Monday, July 8, 2024. This new policy will affect companies dealing

July 15, 2024 • By Addis Insight

Business

CBE Announces Historic 25.6 Billion Birr Pre-Tax Profit for 2023/24 Fiscal Year

The Commercial Bank of Ethiopia (CBE) has announced an exceptional financial performance for the 2023/24 fiscal year, marking a significant milestone in the bank’s history. The bank’s total revenue reached 135.4 billion Birr, representing a 13% growth compared to the previous fiscal year. Furthermore, CBE recorded a pre-tax profit of 25.6 billion Birr, the highest

July 13, 2024 • By Addis Insight

Business

Commercial Bank of Ethiopia Celebrates Record-Breaking 25.6 Billion Birr Profit

Addis Ababa, Ethiopia – July 12, 2024 The Commercial Bank of Ethiopia (CBE) has announced an exceptional financial performance for the 2023/24 fiscal year, marking a significant milestone in the bank’s history. The bank’s total revenue reached 135.4 billion Birr, representing a 13% growth compared to the previous fiscal year. Furthermore, CBE recorded a pre-tax

July 12, 2024 • By Addis Insight

Business

Ethiopia Immigration and Citizenship Service to Roll Out VIP Door-to-Door Passport Delivery

VIP Door-to-Door Passport Delivery Service to Launch in Ethiopia This September Immigration and Citizenship Service Enhances Operations Amid Record High Passport Issuances and Upcoming E-Passport System Introduction In a significant move aimed at improving customer service and convenience, Ethiopia’s Immigration and Citizenship Service has announced the launch of a door-to-door passport delivery service for VIP

July 12, 2024 • By Addis Insight

Business

Addis Alemayehou Appointed to KEFI Gold and Copper PLC Board

KEFI Gold and Copper PLC (AIM: KEFI, OTC: KFFLF) has appointed Addis Alemayehou as an independent non-executive director, marking a significant addition to their board. Alemayehou, based in Ethiopia, brings a wealth of experience and a distinguished track record in business and media ventures. He serves as the chairman of Kazana Group, a prominent investment

July 12, 2024 • By Addis Insight

Business

Ethiopian Fuel Prices Soar: New Rates Announced by Ministry

Addis Ababa, Ethiopia – The Ministry of Trade and Regional Affairs has announced a significant adjustment in the retail prices of various fuel products, which will take effect starting today, July 3, 2016, at 1:00 PM. This adjustment excludes jet fuel and is driven by the recent increase in fuel prices on the global market.

July 10, 2024 • By Addis Insight

Business

Ethio Telecom Surpasses Expectations with 21.79 Billion ETB Profit and Major Network Expansion

Addis Ababa, July 10, 2024 (Addis Walta) – Ethio Telecom has announced a remarkable annual profit of 21.79 billion Birr for the 2023/24 fiscal year, reflecting a 108.7% performance. The telecom giant also reported generating a gross income of 93.7 billion Birr, which is 103.6% of its planned target for the year. Subscriber Growth and

July 10, 2024 • By Addis Insight

Business

The National Bank of Ethiopia Launches New Monetary Policy Framework

July 9, 2024 | Addis Ababa, Ethiopia In a significant move to stabilize the country’s economy, the National Bank of Ethiopia (NBE) has unveiled a comprehensive new monetary policy framework aimed at ensuring low and stable inflation. This initiative follows extensive preparatory work aligned with the NBE’s Medium-term Strategy Plan, which included defining the bank’s

July 9, 2024 • By Addis Insight