Business

National Bank of Ethiopia grants license to 8 new banks

National Bank of Ethiopia announces licenses to eight new banks Fraser Ayalew, Director of  Banking Control at the National Bank of Ethiopia said several banks are applying for licenses following the ongoing reforms in the financial sector. He recalled that the National Bank of Ethiopia (NBE) has increased the minimum capital required to establish a

June 8, 2022 • By Addis Insight

Business

The Federal Government has allocated 12 billion birr to Tigray State

The Federal Government has allocated 12 billion birr to Tigray State out of the total budget allocation for the states for 2015. Out of the total 786 billion birr budget presented for the 2015 fiscal year, 71 billion birr for Oromia, 44 billion birr for Amhara, 26.5 billion birr for southern nations, nationalities and peoples,

June 8, 2022 • By Addis Insight

Business

The 2022 Draft Budget focuses on debt relief, reconstruction of war-torn infrastructure,

The 2022 Draft Budget focuses on debt relief, reconstruction of war-torn infrastructure, humanitarian assistance to the victims and national security: Ahmed Shede Addis Ababa: May 30, 2014 (FBC) The 2015 Federal Government Draft Budget has been prepared with a focus on debt relief, reconstruction of war-damaged infrastructure, providing humanitarian assistance to the affected people and

June 7, 2022 • By Addis Insight

Business

World Bank pledges $ 195 million to support health sector in Ethiopia

The World Bank has provided $ 195 million to support the health sector in Ethiopia and to provide CV-19 vaccine to its citizens. Funding will also support Ethiopia’s efforts to make CV-19 vaccines available nationwide and rehabilitate conflict-affected public health facilities. In addition to helping the underprivileged health system in Ethiopia, the current funding will

June 7, 2022 • By Addis Insight

Business

Transport tariff reform to be implemented in the capital

Transport tariff reform to be implemented in the capital tomorrow Addis Ababa: May 30, 2014 (FBC) The Addis Ababa Transport Bureau announced that it has revised its transport service tariff. The tariff increase is said to be in line with global oil prices. According to Yirgalem Berhane, Deputy Head of the Addis Ababa City Administration

June 7, 2022 • By Addis Insight

Business

The third phase of the Renaissance Dam filling to begin in July

The third phase of the Renaissance Dam filling is expected to begin in July Testing of the second turbine has already begun. It has been almost three months since the first turbine start generating power. A senior official of the Renaissance Dam, who spoke on condition of anonymity, told The Reporter that the flow of

June 6, 2022 • By Addis Insight

Business

Black Market exchange depreciating after NBE reduced its presence in Togo-Wuchale

The black market is depreciating sharply following the National Bank’s move Last week, the National Bank of Ethiopia (NBE) decided to reduce the number of bank branches in Togo-Wuchale, a border town, according to local sources. The town of Togo, located on the border between the Somali region and Somaliland, is known for its border

June 6, 2022 • By Addis Insight

Business

ZayRide won a legal battle over Hybrid (Ride)

ZayRide won a legal battle over Hybrid (Ride). Two years ago Ride sued Zayride for using the word Ride in their brand. The court battle resulted in the suspension of Zayride Bank account. ZayRide is an on-demand taxi and ambulance dispatching application that connects riders and drivers. It also has a delivery service.

June 6, 2022 • By Addis Insight

Business

Ministry of Innovation & Technology Sets Up More than 16 Tech Hubs

Ministry of Innovation and Technology says more than 16 technology incubation centers have been set up in different cities of the country. More than 16 technology incubation centers have been set up in Addis Ababa and other regional cities, according to the Ministry of Innovation and Technology. The new science, technology and innovation policy has

June 6, 2022 • By Addis Insight

Business

National Bank of Ethiopia vows to take action on crypto-traders

The Bank urges the public to beware of such illegal activities as the use of digital currencies such as cryptocurrencies, bitcoin and other currencies in Ethiopia is not recognized by the National Bank of Ethiopia. The National Bank of Ethiopia (NBE) has issued a proclamation stating that the currency of Ethiopia is Birr and all

June 6, 2022 • By Addis Insight