Business

Commercial Bank of Ethiopia Revises Loan Interest Rates

Addis Ababa, Ethiopia – March 4, 2025 – The Commercial Bank of Ethiopia (CBE) has announced adjustments to its loan interest rates, effective March 7, 2025. The changes are part of broader financial sector reforms aimed at aligning lending practices with market conditions, improving financial inclusion, and ensuring the long-term sustainability of Ethiopia’s banking industry.

March 4, 2025 • By Addis Insight

Business

New International Convention Center in Addis Ababa Ready for Official Opening Today

Addis Ababa, Ethiopia – The grand opening of the New International Convention Center today marks a major milestone in Ethiopia’s efforts to establish itself as a premier destination for global business events, conferences, and exhibitions. Situated on 40 hectares of prime land, the center is designed to accommodate a diverse range of events, from corporate

March 1, 2025 • By Addis Insight

Business

Addis Ababa City Administration Introduces New System for VAT Taxpayers to File Monthly Returns

The Addis Ababa City Administration Revenue Bureau has announced the introduction of a new system for over 62,000 VAT taxpayers, designed to enhance VAT service delivery and provide more efficient services. According to the bureau, there are over 62,000 VAT taxpayers in Addis Ababa, and many of them tend to file their returns on the

February 28, 2025 • By Addis Insight

Business

Ethiopia’s Bitcoin Mining Boom: The Cheapest in the World, But at What Cost?

Key Findings How Much Electricity is Needed to Mine 1 Bitcoin After the 2024 Halving? The amount of energy required to mine one Bitcoin remains high, increasing costs depending on local electricity prices. On average, mining 1 BTC consumes around 6,400,000 kilowatt-hours (kWh) of electricity. This is equivalent to: Bitcoin mining has become more energy-intensive

February 27, 2025 • By Addis Insight

Business

There Are 616 Ethiopian Restaurants in the U.S : A State-by-State Breakdown

Ethiopian cuisine has firmly established its presence in the United States over the past few decades. Known for its flavorful wot (stews) served atop injera – a tangy, spongy flatbread made from the grain teff that doubles as both plate and utensil 0 – Ethiopian dining offers a unique communal experience. Diners traditionally share a

February 26, 2025 • By Addis Insight

Business

National Bank of Ethiopia Announces Exchange Rate of 135 Birr per USD Following Special ForEx Auction

Addis Ababa, Ethiopia – The National Bank of Ethiopia (NBE) has announced that the average exchange rate for the US dollar reached 135.6185 Birr following a special foreign exchange auction. This latest round of bidding saw the participation of 27 commercial banks, reflecting significant market engagement in the central bank’s ongoing efforts to regulate the

February 25, 2025 • By Addis Insight

Business

Ethiopia Nears Final Negotiations for WTO Membership

Addis Ababa, Ethiopia – Ethiopia is set to engage in a critical round of negotiations by the end of February or early March as it moves closer to securing membership in the World Trade Organization (WTO). This marks a significant step in the country’s long-standing aspiration to join the global trade body, a process that

February 24, 2025 • By Addis Insight

Business

National Bank of Ethiopia to Conduct $60 Million Foreign Exchange Auction

Addis Ababa, Ethiopia – February 24, 2025 – The National Bank of Ethiopia (NBE) has announced that it will conduct a Special Foreign Exchange Auction on February 25, 2025, with a total offering of $60 million. The auction is open to participation by all banks. According to the NBE, the auction follows the implementation of

February 24, 2025 • By Addis Insight

Business

ADMAS Chatbot: Ethiopia’s Game-Changer for Startups and SMEs

NUNA Ethiopia has launched ADMAS Chatbot, an AI-powered business development tool aimed at supporting startups, SMEs, and entrepreneurs in Ethiopia. The chatbot is designed to provide easy access to business resources, industry insights, and mentorship opportunities. The initiative has been developed in collaboration with the Ministry of Innovation and Technology – Ethiopia, the Japan International

February 24, 2025 • By Addis Insight

Business

Forex Bureaus Pressed to Grow Amid NBE’s Branch Expansion Freeze, Fueling Currency Access Concerns

The establishment of forex bureaus in Ethiopia marks a pivotal moment in the nation’s transition to a market-based foreign currency exchange system. As the National Bank of Ethiopia (NBE) moves away from a decade-long fixed exchange rate regime, these bureaus represent a critical step toward afostering greater transparency and efficiency within the foreign exchange market.

February 24, 2025 • By Addis Insight