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Rising Costs and Festive Spirits: The Impact of Ethiopia’s New FX Regime

The Ethiopian New Year is a time for family gatherings, new clothes, and fresh starts. Yet this year, the festive mood is marred by financial stress. As families shop for the holiday, they are finding that their birr doesn’t stretch as far, making essentials like food and gifts more expensive. The new market-based foreign exchange

September 8, 2024 • By Addis Insight
Business

Korean Government Commits $2 Billion Financing for Ethiopian Projects

Addis Ababa, Ethiopia – The Korean government has agreed to provide $2 billion in financing for eight key development projects in Ethiopia over the next two years. This funding will be facilitated through Korea’s Economic Development Cooperation Fund (EDCF) via its executive agency, EXIM Bank. The announcement comes after the Ethiopian government, on May 21,

September 8, 2024 • By Addis Insight
Politics

U.S. Extends Sanctions on Ethiopia, Keeping AGOA Trade Privileges Suspended

On Friday, the White House released a statement confirming the continuation of the National Emergency in Ethiopia. The U.S. government remains focused on the ongoing conflict in northern Ethiopia, emphasizing that the situation continues to pose a threat to regional stability and U.S. foreign policy interests. The White House statement highlighted the gravity of the

September 7, 2024 • By Addis Insight
Business

Ethiopia’s Upcoming Salary Increase Set to Launch on September 11

A letter from the Ministry of Finance confirms that one of the key promises of the government’s macroeconomic reform—a wage increase—will take effect on September 11, 2024. Over the past few hours, an image of a letter purportedly from the Ministry of Finance, along with a calculation showing the new salary scale, has been widely

September 6, 2024 • By Addis Insight
Business

Ethiopian Development Bank President Dr. Yohannes Ayalew Submits Resignation

Dr. Yohannes Ayalew, who has served as the president of the Ethiopian Development Bank (DBE) for the past four years, has officially submitted his resignation, according to media reports. His departure marks the end of a tenure during which he introduced several reforms aimed at improving the bank’s operations. However, the bank has also faced

September 6, 2024 • By Addis Insight
Business

The Complex Role of Bill Gates in Ethiopian Agriculture and Healthcare: A Double-Edged Sword by Bekan Bekele

By Bekan Bekele Bill Gates recently visited Ethiopia, to witness the progress of projects his foundation has been deeply involved with for years along with other agricultural initiatives outside of his foundation. While his initiatives aim to advance key sectors like agriculture and healthcare, the impact of his involvement is a subject of heated debate.

September 6, 2024 • By Addis Insight
Business

New Online Service by Unite.et Enables Remote Bank Account Registration for Ethiopians Abroad

Unite.et, a new online service, has launched to enable Ethiopians living abroad to remotely register and open local bank accounts in both local and foreign currencies. The platform aims to facilitate access to banking services for the Ethiopian diaspora, providing a variety of financial services without requiring users to visit a physical branch in Ethiopia.

September 6, 2024 • By Addis Insight
Business

Ethiopia and China Seal Historic Currency Swap Deal: Strengthening Trade Ties

On August 30, 2016, Ethiopia and China agreed to trade in Birr and Yuan, strengthening the economic ties between the two nations. This agreement is believed to have been reached during talks between Ethiopian Prime Minister Abiy Ahmed and Chinese President Xi Jinping. According to Finance Minister Ahmed Shide, the two countries’ national banks have

September 5, 2024 • By Addis Insight
Politics

Ethiopian Air Force on High Alert Amid Somalia Tensions: Defending Eastern Airspace

Following the recent military activities of Egypt and Somalia in the region, the Ethiopian Air Force announced that it is actively guarding the eastern airspace. Colonel Dereje Bushre, the commander of the air division, stated that the Ethiopian Air Force is at a heightened level of readiness to fulfill its national duty and mission. The

September 5, 2024 • By Addis Insight