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

Uncategorized

The Battle Between Ethiopia’s Official and Black Markets: What Will the New Exchange Rate System Achieve?

The National Bank of Ethiopia’s recent shift to a market-based foreign exchange rate system has intensified eagerness over the effectiveness of this reform in curbing the hardened black market’s influence. Despite the policy’s goals of enhancing transparency and stability, the persistent gap between official and black market rates highlights the challenge of eliminating informal currency

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

Entertainment & Arts

Drake’s ‘Blue Green Red’ Goes Viral with Oromo, Tigray, Amhara, and Habesha Tribes in the Spotlight

Drake’s latest track, “Blue Green Red,” has captured attention for its references to Ethiopian ethnic groups, including Oromo, Tigray, Amhara, and Habesha. These groups are integral to Ethiopia’s rich cultural tapestry, each with its own language and traditions. The song’s lyrics, which mention Ethiopian women, have resonated with listeners, sparking discussions online. Fans have humorously

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

Uncategorized

Ethiopian Airlines Honoured with Prestigious President’s Lifetime Achievement Award as it Celebrates 25 Years of Services to the US

Addis Ababa, August 8, 2024 Ethiopian Airlines, the leading aviation group in Africa and a rapidly expanding global airline brand, has been distinguished with the US President’s Lifetime Achievement Award. This accolade recognizes the airline’s outstanding contributions and dedicated service to communities in the United States. The award, signed by the US President Joseph R.

August 8, 2024 • By Addis Insight

Politics

Militants Release 16 Ethiopian Students After Month-Long Hostage Crisis, Dozens Still Detained

At the end of June, students from Debarak University were kidnapped in the Gerbe Guracha area of Oromia region while traveling to Addis Ababa by public transport buses. They have been held captive for a month. More than 100 students were kidnapped by militants on 26 June 2016, between Goha Zion and Tulu Milki while

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

Uncategorized

Ethiopian Airlines Adopts CBE Exchange Rates for Its Dollar-Based Ticket Pricing

Ethiopian Airlines Announces Dollar-Based International Ticket Pricing Ethiopian Airlines has announced that the ticket prices for international flights transacted in dollars will be determined by the daily foreign exchange rate of the Commercial Bank of Ethiopia. According to the Head of Public Relations of Ethiopian Airlines, Mrs. Hana Atnafu, the ticket prices for international trips

August 7, 2024 • By Addis Insight