Business

Dashen Bank Secures $40 Million Trade Finance Guarantee from African Development Bank

Addis Ababa, 09 August 2024 – The African Development Bank Group (AfDB) has approved a $40 million trade finance transaction guarantee facility for Dashen Bank, aimed at bolstering Ethiopia’s financial sector. This facility is a strategic move to support the country’s Small and Medium-Sized Enterprises (SMEs) and local corporations by facilitating their trade finance requirements.

August 10, 2024 • By Addis Insight

Business

Shewaber Rewards Secures Investment at $600K Valuation, Sets Sights on Major Expansion

Addis Ababa, Ethiopia – August 9, 2024 – Shewaber, the pioneering Restaurant Loyalty Reward Platform in Ethiopia, has successfully secured an investment at a $600,000 valuation from a foreign investor, marking a significant milestone for the startup founded by Eyoel Tesfaye and Besufekad Menji. Originally launched three years ago as an online bookstore offering free

August 9, 2024 • By Addis Insight

Business

Dr. Brook Taye Steps Down; Hana Tehelku Appointed New Director General of Ethiopian Capital Market Authority

Ethiopian Capital Market Authority Announces Leadership Change In a significant shift at the Ethiopian Capital Market Authority (ECMA), Dr. Brook Taye is stepping down after two years of distinguished service. Dr. Taye has been pivotal in the formation of the authority, establishing its regulatory framework and launching initiatives that have set a solid foundation for

August 8, 2024 • By Addis Insight

Business

NBE Opens Applications for Independent Forex Bureaus in Ethiopia

Addis Ababa, Ethiopia – August 8, 2024 – The National Bank of Ethiopia (NBE) has officially commenced the acceptance of applications for Independent Foreign Exchange Bureaus, as per the newly instituted Foreign Exchange Directive (FXD/01/2024) that became effective on July 29, 2024. This marks a significant step towards liberalizing the country’s foreign exchange market. Under

August 8, 2024 • By Addis Insight

Business

National Bank of Ethiopia Announces Results of Special FX Auction: Highest Bid at Birr 107.9 per USD

Addis Ababa, August 7, 2024 – The National Bank of Ethiopia (NBE) has successfully concluded its Special Foreign Exchange (FX) Auction, revealing a weighted average rate of Birr 107.9 per US Dollar. The auction, which took place today, saw participation from 27 banks. The NBE’s daily practice of updating exchange rates based on FX market

August 7, 2024 • By Addis Insight

Business

Ethiopian Oil Supply Company to Receive $670 Million from National Bank of Ethiopia

It has been announced that the Ethiopian Oil Supply Company, which buys and supplies the fuel the country needs from abroad, will receive 670 million dollars from the National Bank of Ethiopia for its payment obligations until sufficient foreign exchange capacity is built. In addition, the National Bank will provide foreign currency to local banks

August 7, 2024 • By Addis Insight

Business

Ethiopia’s Real Estate Response to the Recent Foreign Currency Reform

In a major economic move, the National Bank of Ethiopia has shifted from a decades-long, fixed exchange rate to a market-based foreign exchange rate. This reform aims to restore market balance and stability, ushering in a new era for Ethiopia’s financial environment. While the change has sparked debate among economists and business leaders, with public

August 7, 2024 • By Addis Insight

Business

Ethiopia Immigration Service Passport Fees Increased by 733%: New Rate Effective Tomorrow

The Ethiopian Immigration and Citizenship Service has announced a revised fee structure for various services, including passport issuance, expedited services, and more. These changes are set to take effect from August 1, 2016, following approval by the Council of Ministers. The updated fees aim to streamline the process and ensure efficient service delivery to the

August 6, 2024 • By Addis Insight

Business

Ethiopia Immigration Service Passport Fees Increased by 733%: New Rate Effective Tomorrow

The Ethiopian Immigration and Citizenship Service has announced a revised fee structure for various services, including passport issuance, expedited services, and more. These changes are set to take effect from August 1, 2016, following approval by the Council of Ministers. The updated fees aim to streamline the process and ensure efficient service delivery to the

August 6, 2024 • By Addis Insight

Business

NBE Announces Special Foreign Exchange Auction to Manage Market Dynamics

The National Bank of Ethiopia (NBE) has announced a Special Foreign Exchange Auction scheduled for August 7, 2024. This auction allows interested banks to bid for US dollars, an essential step in managing foreign exchange reserves and ensuring currency stability within the country. Background and Purpose Foreign exchange auctions are a critical tool used by

August 6, 2024 • By Addis Insight